₦airaland Forum

An admirer of former U.S. President Donald Trump, Milei says Argentina’s Central Bank should be abolished, thinks climate change is a lie, characterizes sex education as a ploy to destroy the family, believes the sale of human organs should be legal and wants to make it easier to own handguns

Argentina’s central bank devalued its currency, the peso, by close to 18% and hiked its benchmark interest rate by a whopping 21 percentage points to 118% on Monday following a shock primary election win by far-right libertarian Javier Milei.

The moves were a bid by the government to calm markets in the wake of the Argentinian congressman’s surprise victory, which gave him the largest share of votes in the country’s presidential primary election at roughly 30%, far exceeding forecasts.

Markets had been betting on favorable results for moderate candidates. Argentina’s presidential election will be held in October.

Argentinian stocks and its sovereign dollar bonds were also lower Monday.

The central bank said Monday that the peso would be held at 350 to the dollar until the October vote.

Milei, riding on a wave of popular discontent, has vowed to get rid of the central bank and dollarize Argentina’s economy. He has also advocated for sharp spending cuts.

Latin America’s third-largest economy, Argentina has been mired in economic and financial crisis for years. The country’s foreign reserves are shrinking fast and its inflation is forecast at 142.4% for the year.

Argentina is on the brink of its sixth recession in a decade. Milei is a vocal critic of what he calls the corrupt political class, saying the country’s leaders have thrown it from one crisis to another. He believes replacing the peso with the dollar could calm inflation, but many economists warn that would trigger financial chaos.

https://www.cnbc.com/2023/08/14/javier-milei-argentina-devalues-its-currency-jacks-up-interest-rates.html?taid=64da5030b69a810001a1e387&utm_campaign=trueanthem&utm_medium=social&utm_source=twitter%7Cmain

Devaluation of the currency doesn't help the economy of a country.Nigeria has been devaluing the Naira.Still,the economy has not improved.

Revolution2022:
Devaluation of the currency doesn't help the economy of a country.Nigeria has been devaluing the Naira.Still,the economy has not improved.

What helps?

Abeg make una no allow BAT see this news oh

Una no dey ever find better examples? If not Somalia, na Sudan now na Argentina. Na wa oh.

Imagine Leonel Messi entering Argentina with all his money right now. Omo, streets to bow

Agbadorians will like this news

I wonder the point or significance of this story, to console us or what?
Metcheew.

Lol make Messi Pump him Salary to Argentina economy....

I hope some countries don't copy this style

Whatsoever work's for them

Argentina is a perennial basket case. It should be an economic powerhouse but bad fiscal and monetary policies are the bane of its economy.

It always spends above its revenue and lacks the backbone to cut spending. Cutting spending would mean slashing the bloated civil service, eliminating transportation and energy subsidies. These are untouchables, so things just go from bad to worse.

On January 1 1992, the Argentine Peso was fixed at $1-1peso. Today, it is $1-350 peso

Those who want the petrol subsidy to continue want the above to play out, This should be a warning.

Mumu people want to start changing the narrative. The current nose dive of the Naira has nothing to do with intentional devaluation.
What we are experiencing is a result clueless leadership and failed economic policies.
We have a self acclaimed book keeper who has no idea what simple economics of supply and demand is.

Before country ends up like Venezuela, abeg save the naira

Way to go Nigeria at least we have a partner in crime like Argentina

Politicians are the same everywhere

Inflation 142.4% wow

Taylor90:
Ebola supporters will capitalize on this Argentina currency devaluation now

Meanwhile Argentina own devaluation will favor them but Nigeria own don backfire

FYI Argentina president is 64yrs while Ebola is 91yr

No compare the two brains devaluating their currency

And what will Pandora orangutan supporters like you capitalise on when any news that is against the government is published?

Flangelo12:
What helps?

Ask APC.

Taylor90:
Ebola supporters will capitalize on this Argentina currency devaluation now

Meanwhile Argentina own devaluation will favor them but Nigeria own don backfire

FYI Argentina president is 64yrs while Ebola is 91yr

No compare the two brains devaluating their currency

Get a life you’re sounding too dumb and stvpid

This guy is an American agent
I hope Argentina doesn't go the way of Venezuela.

The U.S. spoils any land it sets it eyes on....I call them "the scavengers". Look at Venezuela, Libya, Afghanistan, Iraq and more.

..

Everyone Read below no Playing guys
No dulling


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