Argentina’s central bank has propped up the country’s tumbling peso, marking its first direct intervention since President Javier Milei partially floated the currency in April as a political crisis roils the libertarian government.
The monetary authority sold $53mn on Wednesday, according to its daily report on foreign currency reserves, as the peso fell to the lower limit of its exchange rate band, currently about 1,475 pesos to the dollar.
The sale was triggered under a scheme that allows authorities to intervene in the peso when the currency hits the bottom of the band. The rules were adopted five months ago as part of a $20bn loan deal with the IMF.
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