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Economy & Business - October 2024
Milei’s asset regularisation drive in Argentina
Argentines have a deep-seated distrust in the banking sector, fuelled by a history of traumatic experiences with devaluations and account freezes – not least the December 2001 ‘corralito’, when the freezing of US dollar accounts following a persistent recession triggered violent protests, the downfall of the economy minister and president, and years of social unrest and instability. This distrust has created the foundations for a cash economy, with many Argentines preferring to stash their savings under a mattress rather than putting them in a bank account. President Javier Milei is now trying to get this cash into the bank.
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