Caputo assigns $2 billion to Bausili to intervene in the foreign exchange market with bonds

The Ministry of Economy ordered a transfer of $2 billion to give the Central Bank greater capacity to intervene, according to the newspaper Clarín in its September 7, 2026 edition. The measure seeks to use financial instruments to contain volatility in the official and financial foreign exchange markets.

According to information published by Clarín, the mechanism consists of a swap in which the Economy Ministry's portfolio delivers peso-denominated bonds to the Central Bank in exchange for notes linked to the exchange rate. These instruments are routinely used by the monetary authority to place them in the market and ease pressure on the dollar's price.

This type of operation comes in a financial setting in which the country risk shows fluctuations. According to indicators from J.P. Morgan, the spread on Argentine bonds stood at 588 basis points in March 2026, fell steadily to 419 basis points in July, and then rebounded to 465 basis points in August.

Intervening in the foreign exchange market with public securities is a common tool of central banks for managing liquidity and moderating devaluation expectations at times of pressure on international reserves and local assets.