On August 1st, the Ministry of Finance announced that it would reduce the daily sale of dollars from 100 million to 75 million dollars over the next three days and to 50 million dollars starting on Monday, August 6th. According to Nicolás Dujovne the decision was made in response to the accumulation of the liquidity position in pesos.
The daily bidding programme for the allocation of dollars had been launched on June 21st by the Ministry of Finance and was scheduled to run for 75 working days. The $7.5 billion came from the budget support component of the International Monetary Fund’s loan. It was intended to cover expenditures in pesos and stabilize the exchange rate.
By the end of June, the Central Bank had to increase the daily amount to $150 million after a sudden rise in the value of the foreign currency, but in recent weeks demand had fallen, according to information from the Executive Branch. July closed with a depreciation of the dollar of more than 5%, the first monthly decline since November 2017.