US buys Argentine pesos, finalises $20 billion currency swap

The United States directly purchased Argentine pesos on Thursday and finalized a $20 billion currency swap line with Argentina’s central bank, Treasury Secretary Scott Bessent said in a social media post, a rare move aimed at stabilizing turbulent financial markets in the cash-strapped Latin American ally.

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“U.S. Treasury is prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets,” Bessent said, adding that the Treasury Department held four days of meetings with Argentine Economy Minister Luis Caputo in Washington D.C. to cement the deal.