Argentina’s Central Bank stepped into the market to prop up the peso for the first time since it implemented a trading band in April, adding to a growing list of setbacks for President Javier Milei. The Central Bank had earlier disputed a Bloomberg report that the currency had crossed the ceiling of the band. Until Wednesday, Argentina’s monetary authority hadn’t stepped in directly to shore up the peso since Milei agreed to a US$20-billion deal with the International Monetary Fund in April. Under that arrangement, Milei’s Central Bank lifted some currency controls and agreed to let the peso float freely in an established band that gradually expands one percent a month. Once the peso hits the floor or ceiling of the band, monetary officials are allowed per the IMF deal to directly intervene.