The U.S. may have transferred over $800 million of its IMF reserves to Argentina, in a transaction that occurred just before a crucial debt payment.
Argentina Taps US Swap to Repay IMF?
The U.S. Treasury’s “special drawing rights” (SDRs) at the IMF, which can be used to pay off debts or exchanged for other currencies, decreased by $870 million last month. This aligned with a similar rise in Argentina’s SDR account, occurring just before the country was scheduled to make an $840 million payment to the IMF on Nov. 1, according to official data from the IMF.
It is not confirmed that Argentina’s higher SDR holdings resulted from drawing on its U.S. swap line, and the usage of the swap funds or their purpose remains unclear….