No More Excuses: Dollarize Argentina

Source: Independent Institute
by Steve H Hanke & Matt Sekerke

“Since the dismantling of the convertibility regime, the value of the Argentine peso has fallen from one US dollar to a tenth of a penny. Argentines have taken the hint, stockpiling an estimated $265 billion in dollar cash and foreign bank deposits and shunning the peso. A proposal by presidential contender Javier Milei to make the switch from pesos to dollars official would seem to be an obvious next step. But whenever dollarization is suggested in policy circles, a litany of technical-sounding excuses is offered in opposition. These excuses are feeble and irrelevant and should not stand in the way of officially dollarizing the Argentine economy.” (11/15/23)