The Rio Times · September 29, 2026

The Merval fell 3.28%, and Argentina's country risk hit a high for the year amid doubts about Milei's reforms

The Argentine S&P Merval stock index fell 3.28% on Monday, September 28, to 2,798,925 points, on a day marked by a rise in the country risk premium, which exceeded 640 basis points during the day and closed near 628—the highest level of the year. Banks such as Grupo Galicia (-4.5%) and Banco Macro (-3.8%) were the hardest hit, along with energy companies like TGN, which fell 7.1%.

The peso, on the other hand, remained stable at 1,525 per dollar, well below the upper limit of the official floating band, which is close to 1,917. According to La Nación, as cited by the media outlet, private investors already hold more than $12 billion in dollar-linked bonds as a hedge against a potential devaluation—an indicator of the market’s growing caution regarding the sustainability of President Javier Milei’s reform program and the government’s ability to refinance its debt.

Via The Rio Times

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