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Latin Times
Latin Times
World
Sana Khan

Argentina Devalues Local Currency By 50%, Cuts Energy, Transportation Subsidies To Revive Economy

Luis Caputo Argentina Economy Javier Milei International Monetary Fund Julie Kozack
Argentina's president-elect Javier Milei. (Credit: AFP)

The Argentina government announced Tuesday the devaluation of the local currency, the peso, and cuts to energy and transportation subsidies, as part of measures to revive a crumbling economy.

In a televised message, Economy Minister Luis Caputo said the peso's official exchange rate was now 800 to the dollar. Earlier, it was 400 pesos per dollar.

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