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ECONOMY | 20-12-2023 22:05

Milei announces sweeping reforms to deregulate Argentina's economy

President Javier Milei unveils series of measures to deregulate Argentina’s economy, including steps to privatise state-owned companies, facilitate exports and end price controls.

President Javier Milei had unveiled a series of measures to deregulate Argentina’s economy, including steps to privatise state-owned companies, facilitate exports and end price controls.

Milei listed the initial 30 policies in a televised address from the presidential palace Wednesday night, adding they’re part of a broader package containing some 300 measures. 

“I’m signing an urgent decree that will kick-start the process of economic deregulation that Argentina needs so much,” he said in the speech, flanked by his entire Cabinet.

His plan comes one week after Economy Minister Luis Caputo announced deep budget cuts and a 54 percent devaluation of the peso as part of a shock-therapy program designed to avoid hyperinflation and put the economy back on track.

Markets have so far applauded the moves, sending bond prices to two-year highs and keeping the peso’s parallel exchange rate little changed.

by Patrick Gillespie, Bloomberg

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