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President Milei Sworn In, Shock Measures Awaited

ARGENTINA
  • Javier Milei was sworn in as President on Sunday for a four-year term in Argentina. In his inaugural speech, Milei highlighted the serious imbalances inherited and the intention to provide shock therapy to the economy. In this context, the president continued to advocate for a strong fiscal consolidation, confirming his plan to cut fiscal spending by 5% of GDP. Milei’s administration is committed to preventing monthly inflation from spiralling to 52% (equivalent to an annual rate of nearly 15,000%), aka hyperinflation.
  • Headlines this morning have confirmed that the economy chief will present economic measures on Tuesday. It is expected that initial monetary and exchange rate measures are to be unveiled.
  • Following on from earlier comments from the central bank, reports suggest the BCRA will do increased checks on currency market operations and handle transactions by priority during a transition period as the new government begins its administration. The measure, it said, was to give the new government time to carry out the administrative steps to install the new leadership in the central bank and to announce and implement its new policies.
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