Javier Milei’s next gamble: letting the peso off the leash

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Financial Times 3d ago

Javier Milei’s next gamble: letting the peso off the leash - Financial Times

Quick Summary:

Milei responded to surprise over the decision with trademark bombast.“I always promised that if I had [a lot of dollars] in my hand, I’d lift the controls,” he said in a radio interview.“How could I not if it means liberating Argentines?

The last attempt to lift currency controls was derailed by an unexpected victory for the Peronists in a 2019 pre-election poll, which spooked markets and triggered a run on the peso.

The peso fell 6 per cent in the first week of its partial float, much less than economists expected and still far stronger than the central bank’s new upper limit of 1,400 to the dollar.