Argentina’s libertarian president Javier Milei is facing the first major test of his plan to fix the country’s troubled economy, after his moves to control a run on the peso sparked a market backlash. The government sets the peso’s official exchange rate at about 960 to the dollar, but on parallel exchange markets — both legal and illegal — the Argentine currency hit a record low of almost 1,500 per greenback this month.
the peso will be a strong currency!” Argentines have already faced three years of annual inflation above 50 per cent, and Milei has made bringing price pressures down his top priority. To do so, he has halted previous governments’ use of money printing to fund spending, pursuing an extreme austerity programme.
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