Scott Bessent defends U.S.-Argentina currency swap

U.S. Treasury Secretary Scott Bessent defended a currency swap agreement with Argentina during a presentation to the House Financial Services Committee. Bessent characterized Argentina as a “U.S. ally” and stated that the financial assistance provided in 2025 was intended to protect American capital, noting that the U.S. obtained tens of millions of dollars from the arrangement.

The swap line was described as “fully guaranteed.” According to records, Argentina utilized $2.5 billion of the swap, which was reportedly used to reimburse the United States for dollars employed in previous exchange rate interventions prior to legislative elections. The total swap operation between the two nations reached $20 billion ahead of mid-term legislative elections.

The Central Bank of the Argentine Republic (BCRA) reported in its 2025 financial statements that it paid more than $17 million in interest to the U.S. Treasury regarding the operation. Bessent also expressed support for the economic program of the current administration, noting the leadership of President Javier Milei.