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ECONOMY | 11-12-2023 11:31

New Economy Minister Luis Caputo to announce first measures Tuesday

Milei’s chief spokesman Manuel Adorni, speaking early on Monday from the presidential palace, didn’t provide a specific time for the announcement, confirming the measures are expected for the next day.

Argentina Economy Minister Luis Caputo will announce his first measures Tuesday as the government of President Javier Milei prepares shock-therapy policies to eradicate inflation. 

Milei’s chief spokesman Manuel Adorni, speaking early on Monday from the presidential palace, didn’t provide a specific time for the announcement, confirming the measures are expected for the next day. Adorni intends to hold daily press conferences at 9am local time. 

Banks in Argentina will open at 10am local time Monday amid expectations that the peso’s official exchange rate will be devalued in the coming days. 

In his Sunday inauguration speech, Milei warned Argentines that his first months in office will be challenging as he battles inflation of more 140 percent a year. He pledged to slash public spending to narrow a large fiscal deficit that has been financed by the Central Bank, which had been printing money and fuelling inflation. 

“No government has inherited a worse situation than what we’re receiving,” Milei said Sunday. “There’s no other alternative to the adjustment, and there’s no alternative to the shock.”

by Manuela Tobias & Patrick Gillespie, Bloomberg

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