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US Treasury's use of Exchange Stabilization Fund

The U.S. Treasury used the Exchange Stabilization Fund to execute the currency swap framework with Argentina, which has been used in large currency operations only rarely.

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Jan 26, 2026
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How does the Exchange Stabilization Fund work and what legal authorities govern its use?

The (ESF) is a reserve created in 1934 to enable rapid foreign-exchange and related financial operations; by statute it can buy and sell foreign currencies, hold Special Drawing Rights (SDRs) and prov...