Milei Dials Back Grip on Peso as Argentina Outlook Improves (2)

Argentina’s central bank cut its one-day peso repo rate by 300 basis points to 22%, according to people with direct knowledge of the matter, as markets stabilize after President Javier Milei’s midterm election win.

The new rate was reported to traders Wednesday through the BYMA, the country’s main stock exchange, the people said, asking not to be named as the information isn’t public. The one-day repo has become one of the bank’s key policy tools as Milei’s government navigates persistent inflation pressures and swings in the exchange rate.

Argentina’s currency edged up 0.1% on Wednesday to close ...