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President Milei Acknowledges Delays To Reform Agenda

ARGENTINA
  • In an interview with Bloomberg on Thursday, President Milei acknowledged that his reform plans are going to take a lot longer than expected, saying that consumer subsidies will take as long as three years to be removed. He also said that dollarisation remains a long-term plan and repeated previous comments that currency controls will only be lifted once the central bank’s balance sheet is cleaned up, adding that the IMF may provide part of the $15bn needed to lift capital controls. He also repeated previous comments that his 4,000 reforms to deregulate the state will wait until after the mid-term elections.
  • On the FX, Milei didn’t commit to any timeline for floating the peso, noting that the peso’s parallel market rate already plays that role. He also denied plans to accelerate the gradual pace of depreciation from the current 2% per month.
  • On the data front today, the domestic calendar remains empty. Focus ahead turns to March CPI inflation data due next week. Separately, the country’s state workers union ATE is due to hold a nationwide strike today.
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