Argentina Implements Drastic Economic Reforms: Peso Devalued by Over 50%

Argentina's Economy Minister, Luis Caputo, announced emergency measures to devalue the peso by over 50% in an effort to revive the struggling economy. The move comes shortly after President Javier Milei's inauguration, who campaigned on replacing the peso with the dollar. The peso's value has plummeted by 52% against the US dollar this year due to strict capital controls and excessive printing of the currency. The devaluation is the first step to combat hyperinflation, which has led to a benchmark interest rate of 133%. Caputo also outlined other measures, including cuts to public works projects and subsidies. The International Monetary Fund expressed support for the initiatives.