Argentina’s firebrand populist presidential candidate Javier Milei is coming under fire from his rivals who are blaming him for a sharp depreciation of the local currency in the parallel market. Milei is the front-runner to win the Oct. 22 presidential election. He continues to tout his controversial plan for dollarization of the South American country’s economy. The Argentine peso has sharply depreciated over the past week. The informal exchange rate closed at around 1,025 pesos per U.S. dollar
Presidential candidate of the Liberty Advances coalition Javier Milei attends a presidential candidate debate ahead of the October general election in Santiago del Estero, Argentina, Sunday, Oct. 1, 2023. BUENOS AIRES, Argentina — Argentina’s firebrand populist presidential candidate Javier Milei, the front-runner to win the election later this month, is coming under fire from his rivals who blame him for a sharp depreciation of the local currency in the parallel market.
Stringent capital controls mean that access to the official foreign exchange market, which currently prices a dollar at 367 pesos, is extremely limited, so parallel rates have flourished.Argentina into Rugby World Cup quarterfinals after eliminating Japan with breathless 39-27 winMilei, an anti-establishment candidate who admires former U.S. President Donald Trump, has said he wants to replace the peso with the dollar and says Argentina’s Central Bank should be abolished.
The candidate for Buenos Aires mayor of Milei’s self-described libertarian party also called on citizens to drop the peso.Milei’s opponents in the presidential race sharply criticized his words, saying he’s fomenting a run on the peso. The depreciation of the peso will accelerate already red-hot inflation that was at an annual rate of 124% in August.
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