Argentine government devalues peso and replaces governor

Finance minister announces austerity as IMF welcomes new president’s early moves

The Central Bank of Argentina
The Central Bank of Argentina
Photo: Javier Pierini

Argentina’s new economy minister ordered a major devaluation on December 12, more than doubling the peso’s former official rate of 800 to the dollar. 

Luis Caputo spoke only two days after president Javier Milei took office, promising to abolish the central bank, sharply cut spending and possibly dollarise the economy. Headline inflation reached 142.7% year on year in October, according to official figures.

Also on December 12, central bank governor Miguel Pesce and the rest of the board resigned

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