Overview

• Washington signaled explicit backing, with President Donald Trump and Treasury Secretary Scott Bessent announcing a rescue package that could include a swap line, FX purchases, or debt buybacks.
• The government sold about US$1.1 billion at the top of the band and temporarily lifted grain export retentions, prompting roughly US$6 billion in liquidations.
• Following the moves, the official exchange rate returned inside the band as authorities used the window to rebuild reserves and cut rates, with corporate overdraft costs easing to about 52%.
• The central bank introduced a 90‑day waiting period between buying official dollars and transacting in MEP or contado con liqui, signaling tighter controls on capital flows.
• Economists warn the measures buy time rather than fix confidence, and analysts say the administration will likely lack a congressional majority after October 26, forcing negotiations on the 2026 budget and reforms.