Libertarian Javier Milei’s victory Sunday in Argentina’s presidential run-off contest has far-reaching consequences for the country’s struggling economy, including the fate of the peso. A political outsider who ran on a promise to “break the status quo,” Milei’s economic platform rested on a desire to dollarize the Argentinian economy. Dollarization means the country would give up the Argentine peso and use the US dollar as its currency. Argentina has one of the world’s highest inflation rates; data released last week showed that prices rose 142% year-over-year. Sergio Massa, the country’s current economy minister and Milei’s run-off opponent, had criticized the plan for dollarization as a surrender of national sovereignty.

Source: CNN November 20, 2023 02:28 UTC