Argentina devalued the peso by 54% and announced a swath of spending cuts as the first steps of President Javier Milei’s shock-therapy program, moves welcomed by the International Monetary Fund.
The newly inaugurated administration weakened the official exchange rate to 800 pesos per dollar, Economy Minister Luis Caputo said in a televised address after the close of local markets on Tuesday. It was 366.5 per dollar before the address.
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