Argentina's Banco Macro SA said it will launch a share buyback program worth up to 4.50 billion pesos and 4.5% of the Buenos Aires-based bank's share capital, in response to the recent market volatility in the South American country, according to a regulatory filing.

Under the program, the bank will only repurchase its shares for a price at or below 158 pesos — markedly lower than its May 10 closing price of 182.90 pesos. The company said it decided on the program in light of the "current national and international macroeconomic" environment, as well as broader volatility in capital markets that have "heavily impacted the prices of local stocks," including its own.

The share buyback program will run for 40 days.

Argentina is seeking a $30 billion credit line from the International Monetary Fund as the government works to avoid a financial crisis, after three consecutive interest rate hikes failed to halt a slide in the peso.

As of May 9, US$1 was equivalent to 22.58 Argentine pesos.