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LatinNews Daily - 22 October 2025
In brief: Argentina’s central bank intervenes to boost peso
*Argentina’s central bank (BCRA) has once again intervened in a bid to prop up the peso, selling US$45.5m of its international reserves. The intervention comes as the peso came close to breaching the upper limit of the government’s exchange rate band, currently around Ar$1,491/US$1. The peso closed at Ar$1,490.50/US$1 on 21 October, according to Bloomberg, which it said was the weakest level on record. This is the fourth time the BCRA has intervened since mid-September, having sold off US$53m on 17 September, US$379m on 18 September, and US$678m on 19 September. The latest intervention comes despite the formalisation on 20 October of a US$20bn currency swap deal with the US Department of the Treasury, which has also purchased Argentine pesos recently. The US administration of President Donald Trump has been trying to help stabilise Argentina’s economy ahead of crucial midterm federal congressional elections on 26 October in which President Javier Milei, a Trump ally, is seeking to boost the presence of his far-right La Libertad Avanza (LLA) in congress to allow him to pursue his economic agenda.
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- In brief: Argentina’s central bank intervenes to boost peso