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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.
Argentina is taking its first steps in President Javier Milei’s economic shock-therapy programme, aimed at reviving a crumbling economy and tackling triple-digit inflation.
Economy minister says goal is to reduce fiscal deficit
The government of President Javier Milei, a libertarian who swept from obscurity to the top office vowing to chainsaw spending, also announced cuts to generous state subsidies and a halt to all new public construction projects.
In an attempt to deal with its economic crisis, Argentina’s new government will cut energy subsidies and devalue the peso by 50%.