Overview

• Argentina’s central bank announced a currency‑stabilization swap with the U.S. Treasury for up to $20 billion to bolster market confidence.
• Scott Bessent reaffirmed U.S. participation in interventions in both the wholesale FX market (MULC) and the CCL, with private estimates near $400 million sold without official totals.
• Key exchange rates stayed elevated on October 20: Banco Nación $1,475–$1,495, blue $1,485, MEP about $1,526–$1,541, CCL about $1,539–$1,548, and crypto near $1,499–$1,515.
• The wholesale rate hovered near the bands’ ceiling around $1,490, signaling room for official action if the top of the range is hit.
• BCRA gross reserves were reported at $41.168 billion after a $533 million weekly drop, and consultancies expect October dollar purchases to approach $5 billion ahead of the October 26 vote.