Javier Milei, Argentina’s New President, Needs U.S. Greenback as Nationwide Forex

Up to date Nov. 20, 2023 10:16 am ET

BUENOS AIRES—The self-styled anarcho-capitalist who won Argentina’s presidency on Sunday plans to ditch his nation’s peso and undertake the U.S. greenback because the nationwide foreign money.   

President-elect Javier Milei’s prime marketing campaign proposal was aimed toward eradicating rampant inflation that has for many years ravaged Latin America’s third-biggest financial system by eradicating the battered nationwide foreign money from circulation and stripping the central financial institution of its energy to print cash. Uncontrolled money-printing to cowl public expenditures, economists say, has fueled 143% inflation, one of many world’s highest.

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