Argentina braces for its presidential primary election next week amid soaring parallel exchange rates. The black-market “dollar blue” rate reached a nominal record of 574 pesos per USD. Investors are wary of a potential 20% currency devaluation post the August 13 primary. With inflation surpassing 115%, and dwindling reserves, the central bank’s stabilization efforts face hurdles. The IMF’s recent agreements around Argentina’s USD 44 bln program limit such interventions, and a USD 7.5 bln disbursement hinges on the IMF’s approval of policy actions.