Overview

• U.S. Treasury Secretary Scott Bessent said Washington finalized a $20 billion currency swap with Argentina’s central bank and directly purchased pesos to inject liquidity.
• Bessent backed Argentina’s banded exchange‑rate system and cited close work with the IMF, while leaving the operational mechanics, sequencing and any conditions unspecified.
• Trading desks reported the peso purchases were executed through banks including Santander, Citi and J.P. Morgan, and Argentine assets rebounded even as risk indicators stayed high.
• Oxford Economics and Pantheon Macroeconomics called the support a short‑term backstop that does not resolve structural external gaps or the peso’s overvaluation.
• Economy Minister Luis Caputo concluded several days of negotiations in Washington and returns to Buenos Aires, with a Milei–Trump meeting scheduled for Oct. 14.