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Weekly Report - 17 April 2025 (WR-25-15)
ARGENTINA: Milei removes the shackles
Argentina’s President Javier Milei took the momentous step of lifting currency restrictions and partially floating the peso’s official exchange rate this week. Milei took the decision after the executive board of the International Monetary Fund (IMF) gave final approval to a US$20bn loan deal on 11 April, agreeing to disburse as much as 60% of it with immediate effect. A sharp depreciation of the peso would spur inflation, which Milei has striven to reduce, and intensify protests, which are already being ramped up by the umbrella trade union movement Confederación General del Trabajo (CGT). But if the peso stabilises and inflation does not spiral, his far-right La Libertad Avanza is likely to be the big winner in October’s mid-term congressional elections.
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- Quotes of the week