Argentina’s central bank said Tuesday it had sold $45.5 million dollars on the foreign exchange market to try and halt a run on the peso days ahead of midterm elections that have put pressure on the currency despite substantial US financial aid.

Argentines have scrambled to buy dollars amid fears of peso devaluation ahead of Sunday’s vote, which is being closely watched by President Javier Milei’s allies in Washington.

Since a run on the peso began on September 8 — in the aftermath of a defeat for Milei’s party in bellwether elections in Buenos Aires province — it has lost 8.48 percent to the dollar.

Legislative elections Sunday will determine whether the budget-slashing Milei, whose party is in the minority, will wield more power in parliament in the second half of his term.

US counte

See Full Page