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Argentina’s New President Wants to Adopt the U.S. Dollar as the National Currency

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But Latin America’s third-largest economy is broke and lacks funds to swap the nearly worthless peso for the greenback

After weakening earlier this year, the U.S. dollar is pushing higher and could be headed back toward the 20-year high it touched in 2022. WSJ’s Dion Rabouin explains why this could be bad news for investors. Photo illustration: Noah Friedman

BUENOS AIRES—The self-styled anarcho-capitalist who won Argentina’s presidency on Sunday plans to ditch his nation’s peso and adopt the U.S. dollar as the national currency.   

President-elect Javier Milei’s top campaign proposal was aimed at eradicating rampant inflation that has for decades ravaged Latin America’s third-biggest economy by removing the battered national currency from circulation and stripping the central bank of its power to print money. Uncontrolled money-printing to cover public expenditures, economists say, has fueled 143% inflation, one of the world’s highest.

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