The United States confirmed the direct purchase of pesos and a swap for US$20,000 million with the BCRA after meetings with the Minister of Economy, Luis Caputo.
After four days of meetings with Luis Caputo and his team in the US capital, US Treasury Secretary Scott Bessent confirmed that the US Treasury directly purchased Argentine pesos and that a currency swap for US$20 billion was agreed upon with the Central Bank. In the statement, Bessent assured that the United States “will act immediately with exceptional measures to stabilize the markets,” within the framework of what he defined as a situation of “acute illiquidity” in Argentina.
The US Treasury bought Argentine pesos
“Today we buy Argentine pesos directly”confirmed from the social network “X”, the US Secretary of the Treasury, Scott Bessent. On this day, in which the local Treasury had practically run out of dollars to support the exchange rate within the band, “private offer” appeared in the middle of the round that made the wholesale dollar fall from $1,470 to $1,420. What happened was that starting at noon, The United States, through Banco Santander, intervened in the official market by purchasing pesosas confirmed to Ámbito by the financial institution.
The swap was closed for US$20,000 million
Scott Bessent also confirmed that they closed a deal for currency swap for US$20,000 million with the Central Bank of Argentina. “The Treasury concluded four days of intense meetings with Minister Luis Caputo and his team in Washington DC We talked about the Argentina’s solid economic fundamentalsincluding structural changes already underway that will generate important exports in dollars and foreign exchange reserves,” Bessent revealed.
The official also provided unprecedented support by maintaining that “The United States Treasury is prepared, immediately, to take any exceptional measures necessary to stabilize the markets” and he stressed to Minister Luis Caputo that “President Donald Trump’s America First economic leadership is committed to strengthening our allies who welcome fair trade and American investment.”
Exchange bands remain
“Its currency band remains fit for purpose”the official of the donald trump given the doubts of the local market that They suggested that the exchange rate scheme would be modified after the midterm elections on October 26. It should be noted that various voices in the city maintained that the dollar should be completely released so that neither the Treasury nor the Central Bank burn foreign currency to support it between the bands.
The program will continue to be monitored by the IMF
“Minister Caputo informed me of his close coordination with the IMF regarding Argentina’s commitments within the framework of its program”added Bessent, and expanded by maintaining that ““Argentine policies, when based on fiscal discipline, are solid.” “I look forward to the meeting between President Trump and President Milei on October 14, and to seeing Minister Caputo again on the sidelines of the IMF Annual Meetings,” he concluded.
Source: Ambito
