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Presidential Candidate Javier Milei Wants Argentina To Swap The Peso For The US Dollar

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A self-described “anarcho-capitalist” with a chainsaw is one step closer to transforming Argentina’s struggling economy by replacing the peso with the US dollar as legal cash.

The far-right libertarian presidential candidate Javier Milei has made “dollarizing” Argentina a centerpiece of his platform, praising it as a solution to the nation’s hyperinflationary predicament. Although not to the same extent as Argentina, other nations have taken this step.

Former financial analyst Milei trailed Sergio Massa, Argentina’s current left-wing economics minister, in the first round of voting on Sunday. Next month, the two candidates will square off in a run-off election.

He might now attempt to win over centrists by softening his economic positions. Analysts with JP Morgan observed that he refrained from using the term “dollarization” in his speech on Sunday. Markets, however, will be nervous about what they predict will be a close race.

As participants in an unofficial “blue dollar” currency market, Argentinians have long opted to pay for a variety of goods and services with US dollars rather than with their own declining national currency.

Over the last five years, the peso’s value has fallen by 858% relative to the US dollar as a result of the central bank printing more money to keep the country’s wasteful government from going into default on its debts. Thus, unchecked price increases were sparked.

The National Institute of Statistics and Censuses reports that in September, annual inflation reached a record high of 138%—the highest in 32 years.

However, complete and official dollarization would take the economy to entirely new heights. Analysts said it would also be an enormous task.

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