LatinNews Daily - 24 September 2024

*Argentina’s President Javier Milei has stated that his government’s commitment to fiscal balance is “unwavering” during a speech before business leaders, investors, and other guests at the New York Stock Exchange. Milei also stated that the ‘cepo’, Argentina’s strict currency exchange controls, would be lifted “when the rate of inflation in the macroeconomic programme is zero”. He went on to say that monthly inflation currently stands at around 1.5%, if the impact of “induced inflation” driven by the crawling peg currency devaluation, capital controls, and international inflation is subtracted from the official monthly headline inflation rate of 4%. Once this 1.5% is reduced, he stated that the cepo could be lifted, indicating monthly inflation would only need to drop to 2.5% – rather than 0% – for this to take place. During his visit to the US, where he will attend the United Nations General Assembly (UNGA) today (24 September), Milei also met with Elon Musk, the CEO of US electric vehicle manufacturer Tesla and owner of social media platform X.

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