Argentina’s President Milei’s administration continues to demonstrate fiscal discipline, with February marking the fourteenth consecutive month of a primary fiscal surplus. Meanwhile, the central bank sold USD 57 mln in the spot market, adding to the USD 474 mln sold last Friday. The Argentine peso in the parallel market was under pressure, with the Blue Chip Swap (BCS) rising by 1.2% to ARS 1,255 per USD, resulting in a 17.45% FX gap. International reserves fell by USD 750 mln to USD 27.3 bln, the lowest level since September 2024, reflecting the FX sales and multilateral debt payments over the weekend.