Monetary and banking radarPRO

Money, credit, rates and the dollar with the BCRA's official figures, in constant pesos and without adjectives.

Source: BCRA (Monetary Statistics, API v4.0) and INDEC (CPI).

Monetary indicators

Figures at the end of September 2026, in pesos of September 2026.

Gross international reserves

US$46,092 million

End of September 2026 · nominal, in dollars

+14.2%year on year

Last 24 months

Last 24 months
Oct 24	28618.00
Nov 24	30214.00
Dec 24	29640.00
Jan 25	28310.00
Feb 25	28117.00
Mar 25	24986.00
Apr 25	38928.00
May 25	36919.00
Jun 25	39973.00
Jul 25	38866.00
Aug 25	39986.00
Sep 25	40374.00
Oct 25	39382.00
Nov 25	40335.00
Dec 25	41095.00
Jan 26	44503.00
Feb 26	45566.00
Mar 26	42052.00
Apr 26	44516.00
May 26	48193.00
Jun 26	44870.00
Jul 26	47599.00
Aug 26	48259.00
Sep 26	46092.00

Monetary base

ARS 46.9 trillion

End of September 2026 · in pesos of September 2026

−16.8%real, year on year

Last 24 months

Last 24 months
Oct 24	38865801.17
Nov 24	39796937.53
Dec 24	48352938.39
Jan 25	48131285.09
Feb 25	47057734.43
Mar 25	45743431.98
Apr 25	47661155.89
May 25	50174600.13
Jun 25	52534335.98
Jul 25	55627907.60
Aug 25	60248003.20
Sep 25	56403289.25
Oct 25	53850703.15
Nov 25	52041776.30
Dec 25	53112361.10
Jan 26	51450929.28
Feb 26	47870436.04
Mar 26	46632970.63
Apr 26	46400398.30
May 26	45254542.06
Jun 26	48370260.63
Jul 26	47868094.24
Aug 26	48369064.76
Sep 26	46909419.00

Peso loans to the private sector

ARS 110 trillion

End of September 2026 · in pesos of September 2026

−1.5%real, year on year

Last 24 months

Last 24 months
Oct 24	79462578.24
Nov 24	83378682.36
Dec 24	89258752.58
Jan 25	91185352.91
Feb 25	93856059.13
Mar 25	97212493.96
Apr 25	100751995.96
May 25	104348274.72
Jun 25	108921149.55
Jul 25	110348589.25
Aug 25	110897256.93
Sep 25	111579906.40
Oct 25	112582343.01
Nov 25	113389048.59
Dec 25	114568458.74
Jan 26	112351425.26
Feb 26	110350811.12
Mar 26	109574678.99
Apr 26	108351302.04
May 26	108278820.26
Jun 26	110585355.14
Jul 26	109324756.74
Aug 26	109848068.00
Sep 26	109857363.00

Private-sector deposits

ARS 128 trillion

End of September 2026 · in pesos of September 2026

−4.1%real, year on year

In dollars: US$41,896 million (+23.4% year on year)

Last 24 months

Last 24 months
Oct 24	118718666.29
Nov 24	121579657.24
Dec 24	127705130.30
Jan 25	127004519.24
Feb 25	128151699.34
Mar 25	128190950.28
Apr 25	129220568.53
May 25	130350173.95
Jun 25	135351716.01
Jul 25	132552918.11
Aug 25	130551641.61
Sep 25	133901370.17
Oct 25	128175333.99
Nov 25	132132313.65
Dec 25	137293971.57
Jan 26	131350229.32
Feb 26	129627695.30
Mar 26	127762343.39
Apr 26	130192137.45
May 26	128924822.44
Jun 26	133912590.61
Jul 26	129559275.79
Aug 26	128519085.31
Sep 26	128472013.00

Expected real interest rate

+4.5% a year

TAMAR (effective rate) vs. 12-month expected inflation (REM) · September 2026

−0.6 p.p.vs. previous monthWith BADLAR: +3.2%

Expected real rate, last 24 months

Expected real rate, last 24 months
Oct 24	13.45
Nov 24	13.14
Dec 24	12.55
Jan 25	14.24
Feb 25	10.00
Mar 25	8.90
Apr 25	11.56
May 25	15.82
Jun 25	15.40
Jul 25	15.94
Aug 25	39.80
Sep 25	36.99
Oct 25	36.30
Nov 25	15.43
Dec 25	9.61
Jan 26	15.45
Feb 26	13.22
Mar 26	7.64
Apr 26	1.49
May 26	1.66
Jun 26	1.85
Jul 26	2.65
Aug 26	5.12
Sep 26	4.50

Exchange-rate pace

Dollar +0.5% · CPI +1.9%

Change in September 2026: A 3500 wholesale dollar vs. CPI

−1.4%dollar, real

Monthly real change of the dollar, last 24 months

Monthly real change of the dollar, last 24 months
Oct 24	-0.01
Nov 24	-0.00
Dec 24	-0.01
Jan 25	-0.00
Feb 25	-0.01
Mar 25	-0.03
Apr 25	0.06
May 25	0.00
Jun 25	-0.02
Jul 25	0.11
Aug 25	-0.04
Sep 25	0.01
Oct 25	0.03
Nov 25	-0.02
Dec 25	-0.02
Jan 26	-0.04
Feb 26	-0.05
Mar 26	-0.05
Apr 26	-0.03
May 26	-0.00
Jun 26	0.03
Jul 26	-0.02
Aug 26	-0.00
Sep 26	-0.01

From the monetary base to private M3

Balances at the end of September 2026, in pesos of that month.

End of month, in pesos of September 2026. Source: BCRA.

Chart data
Item	Value	Real year-on-year change
Notes and coins held by the public	ARS 26.6 trillion	−7.3%
+ Cash in banks	ARS 2.12 trillion	−23.8%
= Currency in circulation	ARS 28.7 trillion	−8.8%
+ Bank reserves at the BCRA	ARS 18.2 trillion	−27.0%
= Monetary base	ARS 46.9 trillion	−16.8%
− Cash in banks	−ARS 2.12 trillion	−23.8%
− Bank reserves at the BCRA	−ARS 18.2 trillion	−27.0%
+ Private peso deposits	ARS 128 trillion	−4.1%
= Private M3 in pesos	ARS 155 trillion	−4.6%

Where private-sector credit goes

Peso loans at the end of September 2026. Size is each line's share; color, its real year-on-year change.

Promissory notes

24.0% · +5.4%

Credit cards

24.0% · −8.6%

Personal loans

20.1% · −8.6%

Overdrafts

9.6% · −1.3%

Mortgages

8.3% · +29.7%

Other loans

8.0% · +3.6%

Secured (pledge) loans

6.0% · −10.3%

▲ Rose in real terms▼ Fell in real terms

Chart data
Item	Value	Real change
Promissory notes	ARS 26.3 trillion	+5.4%
Credit cards	ARS 26.3 trillion	−8.6%
Personal loans	ARS 22.1 trillion	−8.6%
Overdrafts	ARS 10.6 trillion	−1.3%
Mortgages	ARS 9.11 trillion	+29.7%
Other loans	ARS 8.79 trillion	+3.6%
Secured (pledge) loans	ARS 6.64 trillion	−10.3%

Nominal change or inflation?

How much of each aggregate's real change comes from more or fewer pesos and how much from inflation, in pesos of September 2026.

End of November 2023 vs. end of September 2026.

Monetary base+17.6%
In current pesos: ARS 8.97 trillion → ARS 46.9 trillion
▲ Rose in real terms: +ARS 7.03 trillion
Currency in circulation+5.3%
In current pesos: ARS 6.14 trillion → ARS 28.7 trillion
▲ Rose in real terms: +ARS 1.44 trillion
Private peso deposits+0.4%
In current pesos: ARS 28.8 trillion → ARS 128 trillion
▲ Rose in real terms: +ARS 548 billion
Private peso loans+56.1%
In current pesos: ARS 15.8 trillion → ARS 110 trillion
▲ Rose in real terms: +ARS 39.5 trillion

UVA, rents and the dollar: which adjusted most

Daily BCRA indices rebased to 100 on the chosen date.

UVA506.2
ICL (rents)538.4
A 3500 wholesale dollar422.5

Base 100 = Dec 10, 2023 · On Oct 29, 2026

Values, base 100
Date	UVA	ICL (rents)	A 3500 wholesale dollar
Dec 23	107.9	107.0	221.9
Jan 24	128.6	117.5	226.7
Feb 24	157.3	132.0	231.1
Mar 24	183.0	155.7	235.3
Apr 24	207.3	178.8	240.6
May 24	228.3	201.4	245.7
Jun 24	242.7	226.1	250.2
Jul 24	253.9	247.4	256.0
Aug 24	264.8	261.2	261.5
Sep 24	274.7	274.8	266.4
Oct 24	286.3	287.8	271.9
Nov 24	295.1	298.8	277.6
Dec 24	302.8	311.7	283.3
Jan 25	310.5	323.2	289.1
Feb 25	317.7	330.7	292.1
Mar 25	324.9	339.1	294.7
Apr 25	335.1	350.1	321.6
May 25	346.2	364.6	328.0
Jun 25	353.3	376.8	327.7
Jul 25	359.2	385.5	371.0
Aug 25	365.2	393.0	363.3
Sep 25	372.3	401.9	375.0
Oct 25	379.8	410.0	396.0
Nov 25	387.7	416.8	398.1
Dec 25	397.5	425.7	400.5
Jan 26	408.0	434.9	397.3
Feb 26	419.0	442.9	386.6
Mar 26	431.8	452.2	379.5
Apr 26	445.1	465.1	379.0
May 26	458.4	481.7	387.0
Jun 26	469.4	495.8	407.0
Jul 26	479.0	507.1	408.5
Aug 26	487.9	517.5	414.2
Sep 26	497.7	529.3	416.4
Oct 26	506.2	538.4	422.5

Methodology

Daily data from the BCRA Monetary Statistics API v4.0. Balances are taken on the last business day reported each month; rates, as monthly averages. The current month is shown only once it ends.
Constant pesos: the month's value × (CPI of the latest published month ÷ CPI of the month), with INDEC's national CPI.
Real year-on-year change = (balance of the month ÷ balance a year earlier) ÷ (CPI of the month ÷ CPI a year earlier) − 1.
Expected real rate = (1 + TAMAR effective annual rate) ÷ (1 + REM median 12-month expected inflation) − 1.
Private M3 in pesos = notes and coins held by the public + private-sector peso deposits. Cash in banks and bank reserves are subtracted from the monetary base because they back those deposits.
Nominal contraction and loss to inflation: when an aggregate fell in real terms, the fall is split between fewer pesos and the loss against inflation (the same formulas as the fiscal block).
Color never says whether a figure is good or bad: green and orange only show whether a number went up or down.

Sources

Last 24 months

Oct 24

28618.00

Nov 24

30214.00

Dec 24

29640.00

Jan 25

28310.00

Feb 25

28117.00

Mar 25

24986.00

Apr 25

38928.00

May 25

36919.00

Jun 25

39973.00

Jul 25

38866.00

Aug 25

39986.00

Sep 25

40374.00

Oct 25

39382.00

Nov 25

40335.00

Dec 25

41095.00

Jan 26

44503.00

Feb 26

45566.00

Mar 26

42052.00

Apr 26

44516.00

May 26

48193.00

Jun 26

44870.00

Jul 26

47599.00

Aug 26

48259.00

Sep 26

46092.00

Last 24 months

Oct 24

38865801.17

Nov 24

39796937.53

Dec 24

48352938.39

Jan 25

48131285.09

Feb 25

47057734.43

Mar 25

45743431.98

Apr 25

47661155.89

May 25

50174600.13

Jun 25

52534335.98

Jul 25

55627907.60

Aug 25

60248003.20

Sep 25

56403289.25

Oct 25

53850703.15

Nov 25

52041776.30

Dec 25

53112361.10

Jan 26

51450929.28

Feb 26

47870436.04

Mar 26

46632970.63

Apr 26

46400398.30

May 26

45254542.06

Jun 26

48370260.63

Jul 26

47868094.24

Aug 26

48369064.76

Sep 26

46909419.00

Last 24 months

Oct 24

79462578.24

Nov 24

83378682.36

Dec 24

89258752.58

Jan 25

91185352.91

Feb 25

93856059.13

Mar 25

97212493.96

Apr 25

100751995.96

May 25

104348274.72

Jun 25

108921149.55

Jul 25

110348589.25

Aug 25

110897256.93

Sep 25

111579906.40

Oct 25

112582343.01

Nov 25

113389048.59

Dec 25

114568458.74

Jan 26

112351425.26

Feb 26

110350811.12

Mar 26

109574678.99

Apr 26

108351302.04

May 26

108278820.26

Jun 26

110585355.14

Jul 26

109324756.74

Aug 26

109848068.00

Sep 26

109857363.00

Last 24 months

Oct 24

118718666.29

Nov 24

121579657.24

Dec 24

127705130.30

Jan 25

127004519.24

Feb 25

128151699.34

Mar 25

128190950.28

Apr 25

129220568.53

May 25

130350173.95

Jun 25

135351716.01

Jul 25

132552918.11

Aug 25

130551641.61

Sep 25

133901370.17

Oct 25

128175333.99

Nov 25

132132313.65

Dec 25

137293971.57

Jan 26

131350229.32

Feb 26

129627695.30

Mar 26

127762343.39

Apr 26

130192137.45

May 26

128924822.44

Jun 26

133912590.61

Jul 26

129559275.79

Aug 26

128519085.31

Sep 26

128472013.00

Expected real rate, last 24 months

Oct 24

13.45

Nov 24

13.14

Dec 24

12.55

Jan 25

14.24

Feb 25

10.00

Mar 25

8.90

Apr 25

11.56

May 25

15.82

Jun 25

15.40

Jul 25

15.94

Aug 25

39.80

Sep 25

36.99

Oct 25

36.30

Nov 25

15.43

Dec 25

9.61

Jan 26

15.45

Feb 26

13.22

Mar 26

7.64

Apr 26

1.49

May 26

1.66

Jun 26

1.85

Jul 26

2.65

Aug 26

5.12

Sep 26

4.50

Monthly real change of the dollar, last 24 months

Oct 24

-0.01

Nov 24

-0.00

Dec 24

-0.01

Jan 25

-0.00

Feb 25

-0.01

Mar 25

-0.03

Apr 25

0.06

May 25

0.00

Jun 25

-0.02

Jul 25

0.11

Aug 25

-0.04

Sep 25

0.01

Oct 25

0.03

Nov 25

-0.02

Dec 25

-0.02

Jan 26

-0.04

Feb 26

-0.05

Mar 26

-0.05

Apr 26

-0.03

May 26

-0.00

Jun 26

0.03

Jul 26

-0.02

Aug 26

-0.00

Sep 26

-0.01

Chart data

Item

Value

Real year-on-year change

Notes and coins held by the public

ARS 26.6 trillion

−7.3%

+ Cash in banks

ARS 2.12 trillion

−23.8%

= Currency in circulation

ARS 28.7 trillion

−8.8%

+ Bank reserves at the BCRA

ARS 18.2 trillion

−27.0%

= Monetary base

ARS 46.9 trillion

−16.8%

− Cash in banks

−ARS 2.12 trillion

−23.8%

− Bank reserves at the BCRA

−ARS 18.2 trillion

−27.0%

+ Private peso deposits

ARS 128 trillion

−4.1%

= Private M3 in pesos

ARS 155 trillion

−4.6%

Item

Value

Real change

Promissory notes

ARS 26.3 trillion

+5.4%

Credit cards

ARS 26.3 trillion

−8.6%

Personal loans

ARS 22.1 trillion

−8.6%

Overdrafts

ARS 10.6 trillion

−1.3%

Mortgages

ARS 9.11 trillion

+29.7%

Other loans

ARS 8.79 trillion

+3.6%

Secured (pledge) loans

ARS 6.64 trillion

−10.3%

Values, base 100

Date

UVA

ICL (rents)

A 3500 wholesale dollar

Dec 23

107.9

107.0

221.9

Jan 24

128.6

117.5

226.7

Feb 24

157.3

132.0

231.1

Mar 24

183.0

155.7

235.3

Apr 24

207.3

178.8

240.6

May 24

228.3

201.4

245.7

Jun 24

242.7

226.1

250.2

Jul 24

253.9

247.4

256.0

Aug 24

264.8

261.2

261.5

Sep 24

274.7

274.8

266.4

Oct 24

286.3

287.8

271.9

Nov 24

295.1

298.8

277.6

Dec 24

302.8

311.7

283.3

Jan 25

310.5

323.2

289.1

Feb 25

317.7

330.7

292.1

Mar 25

324.9

339.1

294.7

Apr 25

335.1

350.1

321.6

May 25

346.2

364.6

328.0

Jun 25

353.3

376.8

327.7

Jul 25

359.2

385.5

371.0

Aug 25

365.2

393.0

363.3

Sep 25

372.3

401.9

375.0

Oct 25

379.8

410.0

396.0

Nov 25

387.7

416.8

398.1

Dec 25

397.5

425.7

400.5

Jan 26

408.0

434.9

397.3

Feb 26

419.0

442.9

386.6

Mar 26

431.8

452.2

379.5

Apr 26

445.1

465.1

379.0

May 26

458.4

481.7

387.0

Jun 26

469.4

495.8

407.0

Jul 26

479.0

507.1

408.5

Aug 26

487.9

517.5

414.2

Sep 26

497.7

529.3

416.4

Oct 26

506.2

538.4

422.5

Monetary and banking radarPRO

Monetary indicators

Gross international reserves

Monetary base

Peso loans to the private sector

Private-sector deposits

Expected real interest rate

Exchange-rate pace

From the monetary base to private M3

Where private-sector credit goes

Nominal change or inflation?

UVA, rents and the dollar: which adjusted most

Methodology

Sources

What matters most, straight to your inbox

What matters most, straight to your inbox

What matters most, straight to your inbox

Monetary indicators

Gross international reserves

Monetary base

Peso loans to the private sector

Private-sector deposits

Expected real interest rate

Exchange-rate pace

From the monetary base to private M3

Where private-sector credit goes

Nominal change or inflation?

UVA, rents and the dollar: which adjusted most

What matters most, straight to your inbox

What matters most, straight to your inbox