Argentina devalues peso by 54% - Breaking The News

Argentina devalues peso by 54%

12 December

1 min read

EPA-EFE/DAVID FERNANDEZ

Argentina initiated a drastic economic overhaul under President Javier Milei, temporarily devaluing the peso by 54% and implementing substantial spending cuts to address the nation's economic crisis.

Economy Minister Luis Caputo, in a televised announcement, disclosed that the official peso exchange rate would be weakened by over 50%, adjusting from 400 pesos to the US dollar to 800 pesos to the greenback.

This bold move is accompanied by measures such as cutting energy subsidies and reducing the size of the government.

currencies peso

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