According to data published by La Nación and released by the Central Bank, the US has already repurchased the dollars it sold during pre-election turbulence and likely activated part of the announced currency swap.
Pre-election Intervention In the weeks leading up to the October 26 election, US Treasury Secretary Scott Bessent intervened in the local foreign exchange market, selling around US$ 2.2 billion to prevent the currency's price from soaring. The pesos received were invested in a bill designed with secret clauses exclusively for the US Treasury by the Central Bank and deposited at the institution headed by Santiago Bausili.
The entire operation was described by private consultancies that monitor the Central Bank's accounts, which have now detected that Bessent would have unwound that position and, all signs point to, recovered the dollars.
The transactions were not officially reported by either government.
The Hypothesis: Profit and Swap Activation As of October 31, data showed that the amount of bills issued by the BCRA fell by ARS 2.75 trillion, a figure similar to one that had appeared days earlier under the 'other investments' heading.
If the repurchase materialized as analysts suggested, the US Treasury would have made a profit from buying back the dollars at a lower price than they were sold. However, analysts doubt the repurchase was made with dollars in the local market, as that would have meant strong upward pressure on the currency.
Hence, they are evaluating the possibility that the operation was carried out by activating a tranche of the US$ 20 billion swap that was announced.
