Argentina’s central bank has sold more than $1bn in three days to prop up the peso, as a political crisis engulfing President Javier Milei unnerved markets and cast doubt on the future of his exchange rate policies.
The monetary authority sold $678mn of its hard currency reserves to defend the peso on Friday, official figures show, in addition to $379mn on Thursday and $53mn on Wednesday after the currency hit the bottom of its exchange rate band.
Milei introduced the band system in April when he relaxed the country’s long-standing currency controls to secure a $20bn loan from the IMF, which now makes up the bulk of the central bank’s $39bn reserves including loans and money backing consumers’ deposits.
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