Argentines Put $2.3 Billion Into Banks, Signaling Faith in Milei
- Dollar deposits jump nearly 17% since president took office
- Greenbacks held in accounts act as barometer of political risk
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Argentines have deposited more than $2.3 billion into dollar-denominated local bank accounts since President Javier Milei took office Dec. 10, reflecting incipient optimism about his government.
The nearly 17% jump to $16.4 billion means dollar deposits in Milei’s first three months have completely recovered their losses over the past year, according to central bank data. The greenbacks Argentines keep in the financial system are an informal barometer of political risk as citizens tend to withdraw money during periods of volatility and deposit savings in more stable times.