# Argentina's dollars drain fastest since 2019 as IMF decision looms | Kitco News

> Argentina's central bank sold about $1.9 billion in foreign currency in March, the fastest monthly pace since late 2019, to defend the crawling peg. The drain comes as the IMF board is expected to approve the fourth loan review that day.

- Date: 2023-03-31 · published 2023-03-31T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/37154-argentina-and-apos-s-dollars-drain-fastest-since-2019-as-imf-decision-looms
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Reserve depletion pushes Argentina to slow crop sales or ease FX rules, which can curb export availability of soymeal, soyoil and corn and support international prices.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2025-08-01 | [Argentine Peso Posts Worst Month Since Milei’s 2023 Devaluation](https://feedsoft.ai/events/24044-argentine-peso-posts-worst-month-since-milei-s-2023-devaluation.md) | +3.3% | +8.6% |
| SBM | 2023-04-26 | [Argentina: A desperate search for a door as currency tumbles \| AP News](https://feedsoft.ai/events/36674-argentina-a-desperate-search-for-a-door-as-currency-tumbles-ap-news.md) | -1.9% | -7.0% |
| SBM | 2018-05-16 | [‘Start selling so dollars come in,’ Argentine soybean farmers are told](https://feedsoft.ai/events/64865-start-selling-so-dollars-come-in-argentine-soybean-farmers-are-told.md) | -1.3% | -9.1% |
| SBM | 2026-09-21 | [Particle: Argentina’s Official Dollar Steady as Parallel Rates Rise to Records](https://feedsoft.ai/events/17752-particle-argentina-s-official-dollar-steady-as-parallel-rates-rise-to-records.md) | +2.1% | +2.7% |
| SBM | 2023-03-22 | [Argentina drought saps dollar reserves, pressuring FX crawling peg](https://feedsoft.ai/events/37153-argentina-drought-saps-dollar-reserves-pressuring-fx-crawling-peg.md) | -1.1% | -1.3% |
| SBO | 2025-08-01 | [Argentine Peso Posts Worst Month Since Milei’s 2023 Devaluation](https://feedsoft.ai/events/24044-argentine-peso-posts-worst-month-since-milei-s-2023-devaluation.md) | -1.5% | -1.3% |
| SBO | 2023-03-22 | [Argentina drought saps dollar reserves, pressuring FX crawling peg](https://feedsoft.ai/events/37153-argentina-drought-saps-dollar-reserves-pressuring-fx-crawling-peg.md) | -3.2% | -4.4% |
| SBO | 2026-10-29 | [The dollar continues to rise but is at its lowest level in 10 years · SondeAR](https://feedsoft.ai/events/17345-the-dollar-continues-to-rise-but-is-at-its-lowest-level-in-10-years-sondear.md) | -0.8% | — |

## Sources

- kitco.com: https://www.kitco.com/news/off-the-wire/2023-03-31/argentinaaposs-dollars-drain-fastest-2019-imf-decision-looms

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.