Argentina economy plunges following Javier Milei primary win

August 17, 2023

The drop in value of the peso could mean further issues ahead for Argentines. Speaking to Reuters, Sergi Lanau of Oxford Economics pointed out that among Milei's policies is a plan to dollarize Argentina's economy. "If you are an Argentine and have pesos now you start wondering if the peso will further depreciate to 800 to a dollar or 1,000 pesos to a dollar," he said. Argentina's black market exchange rate has doubled , and that might hit the average person harder: "There is no clue on what is going to happen so that means people will be willing to pay even more pesos in the parallel market to get dollars," Lanau said.