Argentina devalues peso by over 50% as part of Milei's shock economic therapy
Wednesday, 13 December 2023 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 of its economic shock therapy aimed at fixing the economy. The South American nation will also cut energy subsidies and cancel tenders of public works, new economy minister Luis Caputo said a day earlier.Caputo said the plan would be painful in the short-term but was needed to cut the fiscal deficit and bring down triple-digit inflation.
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...
Wednesday, 13 December 2023
![Argentina peso devalues by over 50 percent after Milei 'shock therapy' announcement [Video]](https://video.newsserve.net/300/v/20231213/1362100190-Argentina-peso-devalues-by-over-50-percent-after.jpg)
