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Bessent’s Intervention in Argentine Peso Soars Past $1 Billion

Treasury Secretary Scott Bessent — Treasury Secretary Scott Bessent
Photographer: Michael Nagle/Bloomberg

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By Ignacio Olivera Doll

October 24, 2025 at 9:25 PM UTC

Lea la nota en español

The US spent an amount well in excess of $1 billion this month acquiring Argentine pesos, according to market estimates, as Treasury Secretary Scott Bessent’s backstop effort intensified ahead of the Oct. 26 midterm vote.