The Secretary of the Treasury of the United States, Scott Bessent, would have led a massive intervention to stop the rise of the official dollar, which reached $1,515, in a context of high exchange rate volatility in Argentina. According to market sources, the US Treasury would have sold 220 million dollars in the spot market, while the BCRA would have contributed the same amount, reaching a figure close to 300 million total to control the currency at the ceiling of the floating band ($1,491 at the wholesaler). “We do not want another failed state in Latin America,” Bessent stated in X, supporting Javier Milei’s reforms.
The operation, coordinated with a US$20 billion swap between Washington and the BCRA, would have prevented the blue dollar from exceeding $1,550, closing at $1,520 for purchase and $1,540 for sale ($1,546 in Córdoba). The official price was $1,465 (purchase) and $1,515 (sale) in Banco Nación, the MEP at $1,583 and the CCL at $1,602. Despite Milei’s statements – who ruled out a post-election devaluation and highlighted that the swap would free up funds to defend the peso – the demand for dollars persists.
Bessent reiterated his support in a tweet: “Argentina has the opportunity to achieve economic freedom. Our agreement is a bridge, not a bailout. Make Argentina Great Again.” The support comes at a key moment for Milei, which faces criticism for inflation and fiscal adjustment, but celebrates progress with the IMF. Analysts see the move as a “geopolitical endorsement,” although opponents question the interference.
With the country risk at 1,048 points and the MERVAL rising 1.4%, the intervention would seek to calm the markets. However, with three wheels until Friday and the legislative elections on October 26, the pressure persists. The IMF will not adjust its program until after the elections, and operators warn that without progress in Congress, the race could return.
