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2025 US-Argentina Currency Swap

The $20 billion arrangement was a bilateral central-bank currency swap in which the U.S. Treasury made dollars available to Argentina in exchange for pesos.

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Jan 18, 2026
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How did the $20 billion U.S. currency swap with Argentina work in technical terms?

The $20 billion arrangement was a bilateral central‑bank currency swap in which the U.S. Treasury—using the Exchange Stabilization Fund (ESF)—made dollars available to Argentina in exchange for pesos,...