After winning the Argentina Presidential election based on his radical campaign promises, Javier Milei has finally confirmed plans to abolish the country’s Central Bank, Banco Central de la República Argentina (BCRA).
Argentina Central Bank: End of an Era
According to a communique issued by Javier Milei’s office, the “closure of the central bank is not a negotiable matter” and the process to wind down the apex bank’s operations will be set in motion.
The Central Bank was established on May 20, 1935, and per its establishment mandate, it controls the country’s monetary supply. However, the country has recorded massive inflation and currency devaluation in recent times, occurrences that Milei believes were born out of corruption and needless resource allocation.
As the country gears up for the Javier Milei era which will officially start on December 10, new realities remain on the horizon. Milei has plans to dollarize the economy seeing the massive imbalance between the Arg
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