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Will Argentina ditch its peso for the dollar?
Leading presidential candidate says he'd "blow up" the central bank.
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By Ignacio Olivera Doll
Bloomberg News
Thursday, June 8, 2023
The Argentine peso has had a tumultuous life. In the 1980s it was temporarily dethroned by a new currency called the austral. An arranged marriage with the dollar in 1991 produced some years of bliss but ended in a ruinous divorce. More recently, the peso has suffered the humiliation of being tagged the worst-performing currency in emerging markets.
Now an Argentine economist running for president is proposing to put the currency out of its misery once and for all.
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Javier Milei, who is also a congressman, says that to quash triple-digit inflation, the nation should formally adopt the dollar. "The peso melts like ice in the Sahara Desert," Milei likes to say, alluding to the currency’s rapid depreciation: It has lost half of its value against the dollar just in the past year.
If Milei wins the presidency in October and follows through on his pledge, Argentina will become the largest economy to dollarize. Its gross domestic product is about five times that of Ecuador's, which is the biggest among the seven sovereign nations that have embraced the greenback, according to the International Monetary Fund. ...
Steven Hanke, a professor of applied economics at Johns Hopkins University who is an enthusiastic advocate of dollarization, says he advised the Menem administration to switch to the greenback in the 1990s. He is still convinced that it is the best route. "It's time to mothball the central bank of Argentina and the peso and put them in a museum," he said in an email. Milei says that if he is elected president, he'd "blow up" the central bank. ...
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