Argentine President Javier Milei has announced a significant currency devaluation of the Argentine Peso by 50%, from 400 pesos to the US dollar to 800 pesos, Associated Press reports.
This move comes as part of a set of shock measures to address the country’s economic emergency. Milei, who was recently sworn in, emphasized the need for drastic measures to avoid hyperinflation.
In addition to the currency devaluation, the government is canceling tenders for public works projects, cutting state jobs, reducing ministries from 18 to 9, and implementing cuts to energy and transportation subsidies.
The country is grappling with 143% annual inflation, a plunging currency, a high poverty rate, a fiscal deficit, a trade deficit, and substantial debt to the International Monetary Fund.
