Milei’s quest to defuse Argentina’s currency control bomb

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Financial Times 14h ago

Milei’s quest to defuse Argentina’s currency control bomb - Financial Times

Quick Summary:

Milei has said he needs $11bn to replenish central bank’s negligible hard currency reserves and bolster its firepower to prevent a potential run on the peso as controls ease.

Alejandro Werner, a former Western Hemisphere director at the IMF, wrote in a blog last week that disbursing large amounts upfront would allow Argentina to spend IMF resources on keeping the peso strong and deepening its current account deficit.

Known collectively as “el cepo” (“the trap”), the controls are made up of half a dozen critical regulations and many smaller rules, which help stabilise the peso and prevent capital flight from Argentina.