Reported 4 months ago
President Javier Milei's shock-therapy economic policies have led to an unexpected surge in demand for pesos in Argentina, with more people selling their dollar savings for pesos to cope with reduced buying power. The trend, reflected in official central bank data, marks a significant shift from buying dollars to selling them since at least 2018, as Milei abandons price controls and maintains a strong grip on the peso's value, causing higher prices in dollar terms despite a lesser peso devaluation. The president proposes a co-existence of the US dollar and peso as legal tender, alongside plans to eventually close the central bank.
Source: YAHOO