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Argentina's Milei Insists on the Closure of Central Bank as 'Non-Negotiable'

Updated: Feb 29

Argentina's President-elect Javier Milei has reaffirmed his commitment to shutting down the country's central bank, labelling it a "non-negotiable matter", as per a Reuters report.

Argentina's President

Argentina's President-elect, Javier Milei, asserted on Friday that the shutdown of the nation's central bank, a key campaign promise, is deemed a "non-negotiable matter."

Milei's libertarian coalition has a restricted representation in Congress and lacks the backing of provincial governors, as stated in the report. Moreover, he faces the challenge of addressing the expectations of the more mainstream conservative bloc, whose support played a crucial role in his victory in the recent run-off election.

The question is once President-elect Javier Milei assumes office on December 10, will he maintain the courage to tread a challenging and uncertain course?

The 53-year-old has not just committed to reducing fiscal expenditures, which critics perceive as a stringent overhaul of welfare programs, but has taken an additional step by pledging to eliminate the local currency and closing down the central bank.

It's widely acknowledged that Argentinians maintain a substantial amount of savings in dollars beyond their borders. While the exact figures are uncertain, estimates range from $100 billion to $300 billion. What holds significant importance is that, given the new government's exchange-rate regulations, this capital might find a favorable environment for returning to the country.

Image by Marcel Elia from Pixabay


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