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Argentina’s President Pledges to Lift Capital and Currency Controls
December 12, 2024
Argentina’s President Javier Milei pledged to lift capital and currency controls, aiming to boost foreign investment and economic growth. These controls have deterred international funds for over a year. Milei highlighted that the narrowing gap between official and parallel exchange rates signaled the possibility of lifting these controls. To address the central bank’s debt, Argentina may either enter into a new program with the IMF or enter into an agreement with private investors. Milei vowed to permanently end capital controls. During his first year in office, Milei emphasized tax cuts, deregulation, and fiscal austerity to foster economic growth, with expectations of higher productivity across sectors. Milei has outlined a plan to eliminate over 90% of taxes and improve Argentinians’ purchasing power through low inflation and sustained growth. Separately, he also aims to negotiate a free trade agreement with the US after Donald Trump returns to office.
Argentina’s dollar bonds have been among the top sovereign gainers this year – for instance, its 5% 2038s have risen 75% YTD to 68.8 cents on the dollar, yielding 7.8%
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