Citi Sells Argentine Pesos to Fed as Part of Treasury’s Rescue

Citigroup Inc. has sold Argentine pesos to the Federal Reserve as part of a broader effort by the US Treasury Secretary, Scott Bessent, to support the Argentine currency and the administration of Javier Milei. The sale of Argentine pesos to the Fed is an attempt to stabilize the currency and provide financial assistance to the Milei government, which is facing economic challenges. The details of the transaction, including the amount of pesos sold and the terms of the deal, have not been publicly disclosed. However, the move is seen as a significant intervention by the US government to support its Argentine counterpart during a time of economic turbulence. The news comes as the Milei administration continues to navigate a complex economic landscape, with inflation and other fiscal pressures posing significant challenges. The US government's involvement in this effort underscores the importance of maintaining stability in the region and the close economic ties between the two countries.