South America

Argentina’s central bank shutdown is non-negotiable

Citizens are in despair over the prices of products

Argentina’s forthcoming President, Javier Millay, staunchly upholds the non-negotiable closure of the nation’s central bank amid a tumultuous economic crisis that has left citizens grappling with soaring product prices.

Set to assume office on December 10, Millay, an advocate of liberal economic policies, is diligently piecing together his economic team. Contrary to expectations, indications suggest his inclination toward a more moderate cabinet selection. Notably, economist Osvaldo Giordano, hailing from the pivotal central province of Córdoba, is slated to spearhead Argentina‘s crucial social security agency ANSES. This decision aligns with Millay’s commitment to reducing public spending and assistance, marking a departure from the initial plan to appoint a close confidant to head the agency.

In a strategic move, Horacio Marin, an executive from a private energy firm, is slated to assume leadership at the state oil company YPF. Millay faces substantial hurdles in executing his agenda of sweeping reforms, encompassing initiatives like dollarization of the economy, central bank closure, and privatization of state-owned enterprises such as YPF—a process bound to be time-consuming.

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However, the president-elect confronts significant challenges in implementing these ambitious reforms. His liberal coalition holds a limited number of seats in Congress and lacks provincial governors. Moreover, Millay must contend with demands from the more traditional conservative coalition, whose backing played a pivotal role in securing his victory in the recent runoff election.

Millay’s ascension to the presidency following the elections has coincided with fresh price hikes, intensifying the already rampant inflation, which stands at a staggering 143% on an annual basis. This development underscores the urgency of the economic situation, compelling Millay to pursue measures to address the spiraling inflationary trends gripping Argentina.

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