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 am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.