Overview

• Treasury Secretary Scott Bessent said the package includes a $20 billion currency swap with Argentina’s central bank and direct U.S. purchases of pesos.
• The operation is being executed through the Exchange Stabilization Fund rather than the Federal Reserve, marking an unusually direct, unilateral intervention.
• The action follows IMF support and arrived during a U.S. government shutdown and before Argentina’s October 26 elections, drawing objections from lawmakers and farm groups.
• Reporting highlights that investors with large Argentina exposures could gain, including billionaire Rob Citrone, while Treasury denies it is a bailout and says the ESF will not lose money.
• The peso strengthened on the news, though analysts caution the relief may be short-lived and warn the move risks politicizing access to dollar liquidity.