The Argentine government, led by the ultra-liberal Javier Miley, who was sworn in on Sunday, announced this Wednesday a sharp devaluation of the peso, the national currency, by more than 50%, to 800 pesos per dollar.
The decision is aimed at stabilizing an economy weakened by chronic inflation and debt.
The devaluation of the national currency to boost purchasing power is part of a series of “emergency” measures announced by Economy Minister Luis Caputo, including cuts to government subsidies for energy and transport.
During the election campaign, Miley defended the “dollarization” of the economy and called on Argentines not to save or invest in the national currency, which for the current president “is not even suitable for fertilizer.”
Economists consider the measure controversial, warning of risky social costs.
Author: Lusa
Source: CM Jornal
I’m Sandra Hansen, a news website Author and Reporter for 24 News Reporters. I have over 7 years of experience in the journalism field, with an extensive background in politics and political science. My passion is to tell stories that are important to people around the globe and to engage readers with compelling content.