US buys Argentine pesos, finalizes $20 billion currency swap
October 9, 2025
The U.S. Treasury has purchased Argentine pesos and finalized a $20 billion currency swap with Argentina’s central bank. Treasury Secretary Scott Bessent announced the deal on Thursday, saying that the U.S. is ready to take exceptional measures to stabilize markets. The agreement followed four days of meetings with Argentinian Minister Luis Caputo in Washington, D.C. Bessent emphasized that the swap is not a bailout. However, U.S. farmers and Democratic lawmakers have criticized it, arguing it benefits Argentina, which has profited from soybean sales to China at the expense of U.S. farmers.