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3h ago

Argentina’s Dollar Market Sets Weekend Benchmarks After U.S. Support

A rare U.S. intervention with a $20 billion swap leaves the central bank with added cover as trading pauses.

El Tesoro de Estados Unidos ahora tiene pesos. Foto: Shutterstock
Imagen ilustrativa. Pesos argentinos y dólares.
Scott Bessent, US treasury secretary, during the Federal Reserve Board Community Bank Conference in Washington, DC, US, on Thursday, Oct. 9, 2025. The conference focuses on key issues facing the community bank sector. Photographer: Eric Lee/Bloomberg
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Overview

  • Reference quotes at the weekend show Banco Nación at $1,400 buy and $1,450 sell, blue at $1,455/$1,475, MEP at $1,440.81, CCL at $1,453.22, and the card rate at $1,885.
  • U.S. Treasury Secretary Scott Bessent confirmed direct peso purchases and a roughly $20 billion swap with the BCRA, with reported execution through Santander, Citi and JPMorgan.
  • Following the announcements, the official rate whipsawed on Thursday (early rise of about $35 then a roughly $40 drop), MEP and CCL fell around 5%–6%, and Argentine stocks and sovereign bonds rallied.
  • BCRA gross reserves ended the week at US$42,056 million after a decline of about US$642 million tied to debt payments and interventions.
  • Stablecoins such as USDT traded around $1,520–$1,550 over the weekend, providing a 24/7 gauge of dollar demand, while Peru’s sol firmed to S/3.4370 and Lima’s stock index fell 1.78% after the presidential vacancy.