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Argentina Depletes Its Reserves in Defending Peso
October 9, 2025
Argentina’s Treasury is rapidly draining its dollar reserves to prop up the peso ahead of October 26 legislative elections, with only a few days of intervention capacity left, traders note. Traders estimate around $2bn has been sold recently. According to a report from Portfolio Personal Inversiones, dollar deposits held at the central bank plunged from $1.44bn last Friday to just $680mn. Economy Minister Luis Caputo is in Washington seeking a potential $20bn currency swap as President Javier Milei prepares to meet US President Donald Trump. The IMF and other institutions are coordinating on possible aid. Economists expect the current FX controls to last until the vote, after which a more flexible regime could emerge. The peso held at 1,430 per dollar officially, while the parallel rate used for moving money abroad climbed to 1,556.
Argentina’s dollar bonds traded stable with its 3.5% 2041s at 53.2, yielding 14%.
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