March 29, 2025 (EIRNS)—This past week was another bad one for Argentine Finance Minister Luis Caputo, who frantically continued to sell scarce dollars to try to calm down the volatile financial and currency markets and keep the peso/dollar exchange rate from spiraling out of control. The “parallel” or black market exchange rate is equally unstable. Foreign reserves continue to drop—yesterday by $477 million; in the month of March by $1.4 billion, and so far this year $3.8 billion. Reserves now stand at $25. 8 billion, the lowest level since Jan. 2024.
In a March 27 speech to the 23rd annual conference on Regulation and Supervision of Securities in Latin America, according to Infobae, Caputo reported the IMF is definitely giving the country $20 billion and insisted that, despite the fact that no agreement has been signed, he felt compelled to reveal the amount, given extreme market pressures and rumors that “cause uncertainty.” He also insisted there would be no devaluation as part of any agreement. All this, he said, he’d discussed the day before with IMF Managing Director Kristalina Georgieva.