Argentina’s central bank’s ‘net’ reserves have plummeted to a record negative territory, sparking fears about a potential financial system run amid election season. Drought-induced reduction in agricultural revenues, payments to private creditors and the IMF, and financing imports and currency intervention have contributed to the USD 14 bln decrease. The upcoming elections could further stress reserves, given a precedent of a financial panic leading to mass withdrawals following an unexpected election result four years ago.