Cash Strategist 11-29-2023
Weather is not the only ag story in South AmericaLeading up to the first round of the Argentine presidential elections Oct. 22, Libertarian candidate Javier Milei created quite a stir when he announced his potential changes to fix the Argentine economy. He promoted dollarizing Argentina’s currency and shutting down the central bank. He also advertised cutting export taxes. Inflation remains a large driver of his policy intentions. Inflation in Argentina rose by 8.3% in October and translated to an annual rate for 2023 at nearly 143%.
Of his main policy commitments, ridding Argentina of the peso and converting to the dollar would be his most aggressive. The current exchange rate in Argentina is 356 pesos per dollar, while the "blue" exchange rate is closer to 1,045 pesos to the dollar (as of Nov....
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