Overview

• Treasury Secretary Scott Bessent said the U.S. bought pesos via private banks and finalized a $20 billion currency-swap framework with Argentina’s central bank.
• Bessent endorsed Argentina’s exchange-rate band system and noted close coordination with the IMF, signaling no immediate change to the agreed regime.
• Argentine assets jumped after the announcement, with bonds up as much as about 10% and parallel dollar rates falling more than 4% as the official rate eased.
• Key details on the swap’s duration, pricing, activation mechanics and any IMF role have not been disclosed, with further clarifications expected in upcoming meetings.
• Oxford Economics and Pantheon Macroeconomics called the backing a temporary fix that does not resolve structural weaknesses, as markets look to the Oct. 14 Trump–Milei meeting and potential IMF decisions flagged by Kristalina Georgieva.