Bescent revealed that the US Treasury bought Argentine pesos at unofficial exchange rates
2025-10-17 13:30:47
The US Treasury bought Argentine pesos on Thursday at a "blue chip swap" parallel exchange rate, a move that boosted Argentine bond performance, Treasury Secretary David Bescent announced on the social media platform "X" on Friday. It was the first time Bescent disclosed such foreign exchange intervention. The US Treasury had already bought pesos at the official exchange rate in Argentina's local market. Argentine dollar bonds rallied after the news, with bonds maturing in 2035 reversing early losses and rising 0.2 cents per dollar. Despite the intervention by the US Treasury, the parallel market exchange rate was still down nearly 1.4% on Thursday. Argentina's official exchange rate is obtained through banking channels, but the public widely uses a variety of unofficial exchange rates in financial and cash transactions, some of which are legal and some of which are gray areas.
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