President Javier Milei, who pledged economic shock therapy, is also cutting back government ministries and energy subsidies while halting public works projects.
Argentina will devalue the peso by more than 50% as part of emergency measures to help the nation’s struggling economy, the country’s Economy Minister Luis Caputo announced Tuesday.
Economy Minister Luis Caputo said in a televised message the Argentine peso will be devalued by 50% from 400 to the U.S. dollar to 800 pesos to the dollar.
Argentina has announced a sharp devaluation of its currency and cuts to energy and transportation subsidies as part of shock adjustments new President Javier Milei says are needed to deal with an economic emergency
Argentina will devalue its currency by 50% and make drastic cuts to energy and transportation spending. New President Javier Milei has warned that the economic emergency will get worse before getting better.
Argentina devalued its currency by more than 50 percent Tuesday in a set of "shock" measures aimed at reviving a crumbling economy and tackling triple-digit inflation.
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Argentina Devalues Its Currency, Cuts Subsidies as Part of Shock Economic Measures | Since Then
