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Argentina Launches $2bn Repo Deal, Eases Bond Auction Rules to Boost Forex Reserves
June 10, 2025
Argentina’s central bank has announced that it will conduct a $2bn repurchase agreement (repo) auction with international banks on June 11. Aimed at strengthening foreign exchange reserves, this repo auction follows a $1bn operation in December and comes just ahead of the IMF’s first review of Argentina’s $20bn loan agreement. Under this deal, Argentina had committed to boost its net FX reserves by $4.4bn without intervening in local dollar markets. The repo auction is included in President Javier Milei’s ‘Phase 3’ economic plan, along with easing monetary controls, floating the peso and cleaning up the central bank’s balance sheet. The central bank also announced that market forces will determine the rate instead of a benchmark interest rate.
Separately, Argentina has also eased bond auction rules for international investors. Local currency bonds can now be purchased with US dollars, reversing previous restrictions to buy such bonds only in pesos. Also, the minimum time required to hold some Argentine bonds was eliminated. Both of these policies come as part of its slew of measures to boost forex reserves.
Argentina’s 0.75% 2030 dollar bonds are trading at 67.68, yielding 8.77%.
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