Argentina’s Milei Wouldn’t Dollarize Overnight, Adviser Says

Economist Mondino outlines first steps to be taken by Milei
Steps are lifting FX controls, dollarization, spending cuts

WATCH: Argentina’s leading presidential candidate Javier Milei pledges to close the nation’s central bank while saying he would make every effort to avoid a default on the country’s sovereign debt.Source: Bloomberg

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By Manuela Tobias and Ignacio Olivera Doll

August 16, 2023 at 1:56 AM UTC

This article is for subscribers only.

Argentine presidential candidate Javier Milei wouldn’t implement his dollarization plan overnight but in stages along with a series of other policy steps, his economic adviser Diana Mondino said in an interview with Bloomberg News on Tuesday.

Mondino said Milei would start unwinding Argentina’s currency controls by allowing private sector businesses to carry out transactions in foreign currencies. Milei calls this the “free competition of currencies,” a prerequisite to his chief campaign proposal of fully dollarizing the financial system. The rest of the measures would be implemented over the following months.