Argentine markets trade cautiously as government targets undeclared dollars
Investors are monitoring the Senate labor reform debate and new rules designed to bring undeclared dollars into the economy. The Merval index fell today.
Insights:
The Argentine government has issued regulations establishing a new framework to bring undeclared U.S. dollars ('mattress dollars') into the formal financial system by permitting certain transactions without reviewing past assets. This measure targets an estimated $170 billion held outside the banking system in Argentina 
AR. The development was announced on February 9, 2026, as the administration of Javier Milei seeks to integrate these assets into the formal economy.
AR. The development was announced on February 9, 2026, as the administration of Javier Milei seeks to integrate these assets into the formal economy.The timing of the announcement is significant, occurring as the Argentine Senate prepares for a debate this week on a labor reform bill. This legislative activity is taking place amid recent equity and bond market moves and notable volatility. The S&P Merval index fell sharply last week and has since traded cautiously. Concurrently, the Central Bank of Argentina has continued its foreign-exchange purchases, which included $317 million last week and have reached $1.476 billion net so far in 2026.
