Argentines Suddenly Need Pesos After Milei Pitched Dollarization
- In reversal, more people are selling dollars than buying them
- Mismatch between currency, inflation erodes purchasing power
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President Javier Milei wielded US hundred-dollar bills with his face on them during the election campaign, but Argentines suddenly need pesos more than ever thanks to his economic plan.
More people are now selling some of their dollar savings for pesos to make ends meet than those buying greenbacks. The abrupt revival of demand for the crisis-prone currency is an unexpected consequence of the shock-therapy policies Milei implemented after taking office on Dec. 10.