Milei's Plan To Scrap Peso Will Take Time

Outsider presidential favourite, Javier Milei, has been warned by advisors that a campaign pledge to scrap the peso will require time to implement but could be legislated via executive decree to bypass resistance from Congress.

• Reuters reports that Ramiro Marra, Milei's candidate for mayor of Buenos Aires, “said Milei would dollarize the economy within two years,” but added he, “should be realistic that his proposals would take time. It has to be understood that administration proposals do not happen by magic."
• According to Reuters, “Marra said dollarization would take from nine months to two years to make a reality, while he declined to give a timeframe on getting rid of taxes on grain exports, the country's main economic driver,” another Milei pledge.
• Milei registered a shock in the Argentinian open primary this month, winning 30% of the vote compared to 27% for the Peronist coalition and 28% for the conservative opposition but, should he win the presidency he is unlikely to achieve a majority in Congress, setting up a tough fight to pass legislation.