Milei’s Bold Idea Passes Test as Argentine Banks Reopen
- Questions loom over how economy will operate during transition
- Banks roll over only 40% of Leliq instruments at auction
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Banks operated normally in Buenos Aires on Tuesday after reopening for the first time since the weekend’s presidential election, easing concerns that a rush of withdrawals would undermine the financial system.
Branches in the capital and across the country reported no issues, according to executives at multiple lenders who asked not to be identified discussing the matter. While some analysts had anticipated that Javier Milei’s victory would spur cash withdrawals given the libertarian economist’s signature proposal to scrap the local currency and replace it with the dollar, there was little evidence of that happening.