His comment came as the Central Bank hemorrhages reserves to contain a run on the peso

Parallel dollars soared as the administration struggled to keep the official exchange rate at AR$1474.5

The dollar surpassed AR$1474.4, the ceiling of the IMF-negotiated currency band, forcing the monetary authority to intervene for the first time in five months

The fund’s spokeswoman added that Argentina had told them they would intervene in the foreign exchange market

Exchange rate tension, inflation, and international reserves are on investors’ minds after La Libertad Avanza took a drubbing at the ballot boxes over the weekend

The exchange rate jumped to AR$1,470 in some banks, while Argentine stocks in Wall Street fell by up to 20%

One economist dubbed the Treasury’s latest market intervention ‘bands within bands’

Finance Secretary Quirno said that the Treasury will participate to ‘ensure liquidity’ and that the market ‘operates normally’

The measures aim to contain the U.S. dollar price ahead of the midterm elections