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5mo ago

U.S. Treasury Confirms $2.54 Billion Argentina Swap Activated in October

The ESF’s disclosure provides the first official U.S. accounting of the operation.

Scott Bessent con Luis Caputo.
Se confirmó el monto del swap activado por el BCRA
El secretario del Tesoro, Scott Bessent, junto con el ministro de Economía, Luis Caputo.

Overview

  • The Exchange Stabilization Fund’s monthly report records a pesos‑for‑dollars swap of exactly $2.541 billion under a $20 billion bilateral facility.
  • The Treasury’s balances show roughly $2.541 billion held in liquid Argentine pesos, making the exposure visible on U.S. accounts.
  • Separately, the U.S. sold 641 million SDRs to Argentina for about $872 million, funds that were used to meet an IMF payment in early November.
  • The ESF report says the swap was undertaken to moderate foreign‑exchange market tensions ahead of Argentina’s elections.
  • Key terms such as the interest rate, activation date and maturity remain undisclosed by the BCRA, and about 87.5% of the line is still available.