Argentina’s Treasury raised about ARS 3.8 trillion (US$ ≈3.5 billion) in an unscheduled auction of peso-denominated notes aimed at draining excess liquidity from the banking system. The Finance Secretariat said it allotted ARS 3.788 trillion after receiving ARS 3.799 trillion in offers, selling a variable-rate note that matures on 28 November and was available only to banks. The operation follows last week’s regular debt sale that left roughly ARS 5.8 trillion unabsorbed. Together with a five-percentage-point increase in reserve requirements that took effect on Tuesday, the auction is part of a broader monetary squeeze designed to curb inflationary pressures and steady the exchange rate. Economy Minister Luis Caputo and Central Bank President Santiago Bausili are trying to keep the peso within a managed band whose upper limit is just above ARS 1,450 per US dollar. President Javier Milei, who on Monday also formalised a restructuring of the Economy Ministry, has pledged to use “all necessary tools” to defend that ceiling, though officials signal a preference for liquidity-absorbing measures over direct dollar sales.