Confidence effect after the end of the currency controls: 8 out of 10 Argentines who bought dollars kept them in their bank accounts.

The lifting of the dollar restriction is sending clear signs of recovery to the Argentine financial system, particularly in what some analysts call the "dollar underworld" of banks. After months marked by currency uncertainty and a sharp outflow of deposits, dollars are once again entering the system, boosting lending and debt issuance in this currency.

The phenomenon is not new: it had already begun between October and February, when money laundering boosted the stock of private dollar deposits from US$18.7 billion to US$33.5 billion. This increase allowed banks to have sufficient liquidity to lend in hard currency again, mainly to companies, and also facilitated the placement of negotiable bonds by the private sector.

Although this trend slowed in March and April—with deposits falling by US$3.8 billion since December due to the currency crisis—the situation began to reverse in the second half of April. According to official data, in the first 12 days after the end of the currency controls alone, private dollar deposits increased by US$1.295 billion (+4.38%), reaching US$30.342 billion. On April 30 alone, US$133 million was added, of which US$124 million corresponded to placements over US$1 million.

The recovery is partly explained by the first payment of salaries after the lifting of restrictions, which stimulated retail demand for dollars. According to leading banks in the country, 80% of customer purchases were deposited into accounts, a trend that once again strengthened the system's liquidity.

At the same time, dollar-denominated loans, which had been losing strength, also began to rebound. Since the end of the currency controls, the stock of foreign currency loans has grown by US$400 million (+2.85%) and now stands at nearly US$14.6 billion. This increase far exceeds the growth of less than 1% recorded in March.

Companies, for their part, returned to the capital market seeking funding in dollars. Firms such as YPF, Edemsa, Pluspetrol, and even Arcor—which is bidding this week—raised funds by issuing bonds in foreign currency, demonstrating renewed confidence in the local market and the availability of resources.