As part of a package of large-scale spending cuts, Argentina has devalued its currency by more than 50% . He said the central bank would target a monthly devaluation of 2%. Milei campaigned on a pledge to get rid of the peso and replace it with the dollar in order to get the economy back on track. The peso has been artificially supported for years by strict capital controls, and its value has plunged roughly 52% this year against the US dollar. In recent years, Argentina’s Central Bank has printed more of the peso to help the country’s government avoid defaulting on its debt.

Source: The Guardian December 14, 2023 13:11 UTC