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๐ฏ Project ยซNew Argentinaยป: The Thirst for change has overcome Fear
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Argentina's stocks and bonds posted confident gains on Wall Street for the first time in 10 years. Javier Miley promises to radically rebuild the economy and replace the national currency with the American dollar. The idea is fantastic, so local banks are preparing for a new wave of exchange of pesos for dollars.
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The corporate world is also cheering up: CEOs from MercadoLibre Inc. before Globant SA followed Elon Musk in expressing approval for the new libertarian president.
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The country has limited the peso's daily decline for years through various foreign exchange controls and import restrictions, which have led to more than 10 different exchange rates. Confidence in the local currency is at very low levels, and the economy already experienced a significant degree of unofficial dollarization. Citizens prefer to immediately get rid of pesos and buy dollars on the illegal ยซblackยป market (and, more recently, cryptocurrency), which allows them to bypass fiscal controls.
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After Miley's victory, the peso fell sharply even on online cryptocurrency exchanges.
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It is not yet clear how the new president intends to reduce the huge budget deficit of the country, where inflation exceeds 140%, and the IMF debt is (as of June 1, 2023) more than $44 billion. Moreover, he will have to do without an advertising chainsaw and the destruction of a cardboard model of the Central Bank of Argentina. The real economic program is just being developed and there will be no complete information until December 10.
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In the meantime, we, together with the Argentinean inhabitants, are actively changing ARS to USD, and calmly wait to see what will be realized from this economic fantasy.
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Profits to yโall!