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Argentina's economy minister, Caputo, announced this Tuesday that Argentina will devalue the peso by more than 50% as part of emergency measures to help the country get out of its economic woes.
Just a few days after taking office, the move led to a change in the official exchange rate from 365 pesos per dollar to 800 pesos per dollar. Milley had campaigned on a promise to abolish the peso and replace it with dollars to get the economy back on track. This year, the peso has been trading at around 52% against the US dollar.
AI assistant creation season In recent years, Argentina's central bank has overissued a lot of pesos to help the country** avoid defaulting on its debt, which has led to a surge in local prices. The depreciation of the peso marks the first step in curbing hyperinflation in Argentina.
Caputo on Tuesday reiterated Milley's campaign theme of "no money," while he outlined other measures, including cuts to new public works projects, and reduced subsidies for energy and transportation.
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