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Argentina will devalue the peso by more than 50% as part of emergency measures to help the nation’s struggling economy, the country’s Economy Minister Luis Caputo announced Tuesday.
BUENOS AIRES (Reuters) -Argentina will weaken its peso over 50% to 800 per dollar, cut energy subsidies, and cancel tenders of public works, new Economy Minister Luis Caputo said on Tuesday ...
Argentina on Tuesday announced a sharp devaluation of its currency and cuts to energy and transportation subsidies as part of shock measures new President Javier Milei says are needed to deal with ...
Decree 70/2023, titled "Bases for the reconstruction of the Argentine economy" (Spanish: Bases para la reconstrucción de la economía argentina) was signed on 20 December 2023, by the Argentine president Javier Milei. It is known in the media as the "Megadecreto" ("Mega-decree") or "decretazo" for its large scope.
27 December: Thousands of union members and activists in Argentina protest a decree from President Javier Milei imposing deregulation and austerity measures meant to revive the country's economy. [13] 29 December: Argentine president Javier Milei sends a letter to BRICS, rejecting the bloc's invitation for Argentina to join. [14]
On November 19, 2023, Javier Milei succeeded in defeating Sergio Massa to win the presidency of Argentina. Upon receiving news of his victory, Milei promised drastic changes to the nations economic policy. [18] In part because of the Covid-19 pandemic, the Argentina economy had inflation of over 140% in the year prior to the election.
Economy Minister Luis Caputo was the one who announced the economic steps Tuesday. He said the Argentine peso will be devalued by 50%, to 800 to the U.S. dollar from 400 pesos to the dollar.
Argentina's economic activity fell 4.4% in June from a year earlier, the country's official statistics agency said on Wednesday, below the expectations of a Refinitiv poll of a 4.0% drop. The ...