Argentina’s Economy Minister Luis Caputo announced Wednesday the devaluation of the peso by over 50 percent to the dollar, as the new government seeks to tackle the country’s deep economic woes.
“The official exchange rate will go to 800 pesos” to the dollar, up from 391, Caputo announced, part of a raft of “shock” measures to tackle triple-digit-inflation and cut spending.
He also announced a reduction in the state’s generous subsidies of fuel and transport, without saying by how much.
He said politicians had long supported the subsidies to “deceive people into believing that they are putting money in their pockets. —AFP
