Milei Win: Argentina Marks $8 Billion Increase in Foreign Currency Deposits

The central bank of Argentina reported on Monday foreign currency deposits have surged by about $8 billion under the policies of libertarian President Javier Milei. Listen To Story

 

Foreign currency deposits were sitting at $16.5 billion when Milei took office in December. Ten months later, Argentina has $24 billion in foreign currency, including dollars once hidden or hoarded offshore by Argentines.

 

Milei offered to let Argentines bring up to $100,000 from their cash stashes back into the banking system without penalty, provided they made the deposits by September 30. Argentina’s banks report opening 100,000 tax amnesty accounts since the program took effect in July, with at least $2 billion in deposits.

 

Deposits are reportedly accelerating as the end of the amnesty period approaches, but even the impressive figures reported on Monday are just a drop in the ocean of cash Argentines were sheltering from their hyperinflationary socialist economy before Milei came along. The people of Argentina have hidden an estimated $258 billion in U.S. currency outside their financial system over the years, sometimes by literally stuffing bills into their mattresses or tucking wads of cash into safety deposit boxes.

Look at the trash Milei got rid of. https://t.co/za4wdQgtIb

— Breitbart News (@BreitbartNews) August 15, 2024

 

 

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