Buenos Aires, December 12 (Xinhua) -- Argentina's new economy minister, Luis Caputo, announced a series of economic policies on December 12 aimed at reducing fiscal deficits and controlling inflation.
Caputo said in a speech on the same day that Argentina is currently facing economic problems such as inflation, which are rooted in excessive fiscal deficits. The new government will introduce a series of policies to reduce the fiscal deficit, including reducing the number of ministries from 18 to 9, reducing subsidies for energy and transportation, and stopping tenders for new public works.
He also said that the new ** will depreciate the official exchange rate of the Argentine peso from about 400 Argentine pesos per US dollar to 800 Argentine pesos per US dollar, and relax import controls.
Argentina's new ** Milley was sworn in in the capital Buenos Aires on the 10th, officially starting a four-year ** term. Argentina's new ** was officially inaugurated on the same day.
Argentina is currently facing severe inflation. According to data released by the National Institute of Statistics and Census of Argentina, the cumulative inflation rate in Argentina reached 120% in the first 10 months of this year. Argentina's ** bank released a report in November, expecting the country's inflation rate to reach 185% in 2023. (ENDS).