Argentines Rush to Deposit Cash Savings as Part of Milei Policy
- Dollar deposits jumped 40% since Milei took office in December
- First part of government tax amnesty program expires Sept. 30
US dollar deposits in Argentina have surged to
Photographer: Erica Canepa/BloombergThis article is for subscribers only.
Argentines are taking their dollar savings out from under the mattress and depositing them into banks in a vote of confidence for President Javier Milei as well as his tax amnesty program.
In a sign of optimism for Milei, dollar deposits have surged 40% to $19.8 billion since he took office Dec. 10, marking the highest levels since late 2019, according to central bank data. While Argentines are paid in pesos, savings accounts at banks are often denominated in US dollars.