The dollar, Argentina’s restless thermometer, is once again at the center of the stage. This time with Economy Minister Luis Caputo conducting the orchestra: he ordered the Treasury to sell USD 100 million to cool down the rise, and the score closed at 1,375 pesos.
The move briefly calmed the waters but opened a new clash with the big banks. Finance Secretary Pablo Quirno defended the intervention with a serene tone: no break in the scheme, no change to the floating bands, everything remains the same. Just a “musical accompaniment” to avoid awkward silences ahead of the elections.
The problem is that the orchestra doesn’t have endless instruments. The Treasury holds about USD 1.7 billion deposited at the Central Bank, funds that should actually be reserved for a nearly USD 5 billion debt payment in January. In other words, part of today’s percussion was meant for the summer performance.
The IMF gave its nod, and the government insists there’s no improvisation: the band system remains intact. For now, the official dollar, obedient as ever, stayed put at 1,335 pesos to buy and 1,375 to sell. Though in Argentina, everyone knows that behind every pause, a storm usually lurks.
📌 Guide for the everyday citizen: What are “floating bands”?
Think of the dollar as a dog on an elastic leash:
- If it runs too far (rises too high), the Central Bank pulls it back by selling dollars.
- If it stands too still (falls too low), it pushes by buying dollars.
- And each month the leash gets a little longer (1%).
In plain English: the dollar roams, but it can’t escape.
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