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Argentina devalues the peso

The Economy Minister Luis Caputo has announced the devaluation of the peso by more than 50% to 800 per dollar and cut energy subsidies to fix the economic crisis.

Just two days since Argentina's new president was sworn in, and already there are signs of some of the radical measures promised by Janier Milei. Argentina will weaken its peso over 50% to 800 per dollar and cut energy subsidies. The new Economy Minister Luis Caputo announced these measures, saying it would be painful in the short-term but was needed to bring down inflation.

(Picture: ARGENTINA-G20-TRADE-DUJOVNE-CAPUTO. Picture credit: Getty Images)

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Wed 13 Dec 2023 01:06GMT
Βι¶ΉΤΌΕΔ World Service

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