Argentina's Government Tightens Grip on Dollar: Bond Issuance, Higher Rates, and Record Reserve Buys Aim to Keep Exchange Rate Below 1,500
With the wholesale dollar at 1,487.50 pesos, Javier Milei's economic team launched a battery of measures to prevent the exchange rate from surpassing 1,500 pesos. These include issuing nearly US$11 billion in dollar-linked bonds, intervening in futures markets, and raising interest rates that make credit more expensive. The country risk, however, climbed to 489 basis points.