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

Citigroup Inc. sold Argentine pesos to the Federal Reserve on Thursday as part of US Treasury Secretary Scott Bessent’s wide-ranging effort to buoy the currency and Javier Milei’s administration, according to people familiar with the matter.

The Fed acted as a fiscal agent on behalf of the Treasury, the people said, asking not to be identified discussing the confidential dealings.

Bessent’s Treasury is buying the beleaguered currency from or through banks as the two nations continue negotiating details of a $20 billion swap line with the Treasury, part of a sweeping rescue package as Milei faces midterm elections ...