"Foreign Reserves of $700 Million": Argentina at an Economic Crossroads Due to Depletion of Dollar Reserves—Seeking New Financial Support

The Argentine government has been selling dollars daily to defend the peso, with traders estimating the Treasury's immediate foreign currency reserves at around $700 million. Although the central bank has foreign currency reserves, they are difficult to use due to the IMF's exchange rate band restrictions. The parallel rate exceeds 1,500 pesos per dollar, and futures suggest a depreciation of up to 60% over 12 months. With the midterm elections on October 26 and a $500 million repayment due in November, support such as a $20 billion swap from the United States is a focal point, but delays in materializing are amplifying market anxiety. On social media, pessimistic and ironic comments like "remaining ammunition is for debt repayment" and "1,500 pesos is here to stay" are prominent, although there is also calm data sharing. The market is now in a race against time.