After the dollar-loving Milei wins the presidency, Argentines anxiously watch the exchange rate
Associated PressBUENOS AIRES, Argentina — As soon as Leandro Francisco Diana woke up Tuesday, he reached for his phone like many Argentines on the first business day after the election victory of President-elect Javier Milei. While the Central Bank-set price of the dollar is 356 pesos, it is nearly triple that in the main cash exchange, the “blue dollar.” To obtain that rate, tourists in particular head to the pedestrian Florida street in Buenos Aires, where illegal money changers muttering “Exchange” can be heard every few steps. “Nowadays, being an employee here in Argentina isn’t really worth it because they pay you so little.” Among his first statements as president-elect, Milei signaled he will focus first on fixing the numerous distortions plaguing Argentina’s economy, said Maria Castiglioni, director of economist consultancy C&T Asesores Económicos. Milei has said he wants to implement broad deregulation that would get rid of restrictions on buying foreign currency that hampered foreign trade and led to the proliferation of exchange rates, and unwind price controls.
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