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5h ago

Argentina’s Dollar Strain Deepens Before Vote as BCRA Sells Reserves to Hold Exchange Band

Fresh records in financial and informal exchange rates show interventions have yet to steady the market.

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El domingo se vota y la gente está pendiente de su bolsillo
Soybean fields during a harvest at a farm outside St. Peter, Minnesota, US, on Tuesday, Sept. 30, 2025. US President Donald Trump said he would confront Chinese President Xi Jinping over Beijing's refusal to purchase American soybeans, a growing area of tension between the world's two largest economies. Photographer:

Overview

  • Banco Nación’s official dollar closed at AR$1,515 as the wholesale rate ended at AR$1,490.50, just below the AR$1,491.07 band ceiling.
  • The central bank sold about US$45.5 million in its first spot intervention in 21 sessions, with total FX trading surpassing US$700 million.
  • Reserves fell roughly US$776–779 million to about US$40.5 billion, reflecting market operations, lower gold prices and other outflows.
  • U.S. Treasury Secretary Scott Bessent confirmed a roughly US$20 billion stabilization swap and continued U.S. market operations, but MEP and CCL hit new nominal highs near AR$1,592 and AR$1,615, and the blue dollar jumped.
  • Officials are pursuing a debt repurchase plan and talks with global banks for a repo facility of around US$20 billion led by JPMorgan, though terms and collateral remain unresolved.