Overview

• Argentina suspended export duties on grains through October 31 or until US$7 billion is liquidated, later adding beef and poultry, with exporters reportedly required to repatriate proceeds within 72 hours.
• U.S. Treasury Secretary Scott Bessent said the U.S. will do what is necessary within its mandate to support Argentina, citing swaps, direct FX purchases and ESF purchases of dollar‑denominated sovereign debt as options, with details expected after Tuesday’s meeting with President Donald Trump and Javier Milei in New York.
• The peso strengthened and assets rebounded: the spot dollar fell about 4.5% to roughly $1,408, sovereign bonds rose 14%–18% and country risk compressed to around 1,080–1,100 points as the central bank avoided fresh dollar sales.
• The moves followed heavy recent interventions by the BCRA, which sold about US$1.11 billion over three sessions to defend the exchange‑rate band after market stress tied to a provincial electoral setback.
• Economists called the relief transitory, flagging an estimated fiscal cost of US$1–1.5 billion from the duty holiday and unresolved structural imbalances, while the IMF welcomed the U.S. signal and analysts sought clarity on the size and conditions of any assistance ahead of October’s elections.