Argentina’s Milei Devalues Peso by 54% in First Batch of Shock Measures

Argentina devalued the peso by 54% and introduced a swath of spending cuts as the primary steps of President Javier Milei’s shock-therapy program, strikes welcomed by the Worldwide Financial Fund.

The newly inaugurated administration weakened the official trade price to 800 pesos per greenback, Financial system Minister Luis Caputo mentioned in a televised deal with after the shut of native markets on Tuesday. It was 366.5 per greenback earlier than the deal with.