Every morning at Argentina’s Central Bank, traders on its foreign exchange desk start with a simple mission: keep the peso from moving too far up or down.
Most recently, they’ve been successful as the peso weakened by less than one percent in November, its smallest monthly move all year for the worst performer in emerging markets. It’s remained flat in December too. Instead of targeting a specific exchange rate, the traders aim to curb volatility day by day, trying to prevent sell-offs just as much as sharp rallies, according to a person with direct knowledge of the matter.
Now the Central Bank’s FX desk is about to play a more prominent role as President Javier Milei seeks to accumulate reserves at the institution, a task he’s
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