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News|Business and EconomyUS buys Argentinian pesos, finalises $20bn currency swap, says US TreasuryArgentina’s right-wing President Milei, a close ally of President Trump, faces a critical midterm election this month.

## Overview of United States and Argentina Currency Swap Agreement

BBy Brooke SandersOct 10, 20251 min read

Overview of United States and Argentina Currency Swap Agreement

The United States, under the administration of President Donald Trump, has entered into a $20 billion currency swap agreement with Argentina's central bank. This move is intended to support Argentina's financial stability amid economic challenges.

On Thursday, Treasury Secretary Scott Bessent publicly announced the agreement, highlighting the urgency of addressing Argentina's liquidity issues. The United States aims to provide swift assistance to bolster Argentina's fiscal strategy, which is supported by the international community, including the International Monetary Fund.

The announcement follows several days of meetings between US and Argentinian officials. Argentina, led by President Javier Milei, has been experiencing significant financial market volatility. Recent events include a sharp decline in Argentinian bond prices and a notable drop in the currency's value, prompting government intervention to stabilize the peso.

This move is intended to support Argentina's financial stability amid economic challenges.
Brooke Sanders · Thehackingpost

The administration has clarified that this initiative is not considered a bailout. However, criticism has emerged from various stakeholders, including US farmers and Democratic lawmakers, who argue that the agreement benefits Argentina at the expense of American interests. In response, a group of Democratic senators introduced the No Argentina Bailout Act to prevent the use of the Exchange Stabilization Fund for this purpose.

President Milei, a political ally of Trump, was elected in 2023 with promises to address inflation and stabilize the economy. While US support offers temporary relief, economic experts caution that this measure alone may not resolve Argentina's financial challenges. Upcoming midterm elections on October 26 will be a critical period for evaluating the effectiveness of these interventions.

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Based on reporting by Al Jazeera.

AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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