Argentina sharply devalues its currency and cuts subsidies as part of shock economic measures
Wednesday, 13 December 2023 Argentina announces a sharp devaluation of its currency, slashing it by 50% to 800 pesos to the U.S. dollar. The government also cuts energy and transportation subsidies as part of shock measures to address the economic emergency. Economy Minister Luis Caputo states that these measures are necessary to reduce the fiscal deficit and combat surging inflation. The International Monetary Fund welcomes the actions, stating that they provide a good foundation for further discussions on Argentina's debt.
Argentina Devalues Currency by 50% , as Part of Shock
Economic Measures.
In a televised message on Dec. 12, Argentina's
economy minister, Luis Caputo, said that the
country's peso will lose its value by 50%. .
Instead of 400 pesos amounting to one U.S. dollar,
800 pesos will now compare to one...
Argentina's peso opened down 54.24% at 801 per dollar on Wednesday, following a devaluation of the currency carried out by the country's new government as part... IndiaTimes
Wednesday, 13 December 2023
