In a reversal of its battle to defend the currency in 2018, the Central Bank of Argentina (BCRA) intervened in the market in January to buy US dollars, in order to depreciate the peso and return it to the non-intervention zone implemented since October 2018.
The BCRA bought $160 million during the first half of January, and acquired $50 million more on January 22. These operations started after the peso first traded outside the daily band against the US dollar on January 10. On that day, the
