Argentina to Penalize Bankers Who Print Money
Argentine President Javier Milei has announced plans to propose a bill aimed at preventing the central bank from financing the nation’s treasury.
The move is part of Milei’s strategy to curb inflation, which currently is exceeding 200% annually, by halting the monetary authority’s printing of more bills.
Milei, a libertarian president who assumed office in December with a commitment to addressing the country’s economic challenges through so-called “shock therapy,” said that the International Monetary Fund (IMF) supports his policies.
Following a meeting with Gita Gopinath, the IMF’s first deputy managing director, President Milei stated, “The fund is very satisfied with what we’re doing.”
Gopinath acknowledged the Milei administration’s efforts and said that while they are beginning to yield positive results, challenges persist.
“The path ahead remains challenging, and consistent and well-communicated monetary and FX policy will be necessary to continue to bring down inflation, rebuild reserves, and strengthen credibility,” Gopinath said in a statement.
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