Argentina's Milei Aims to Eliminate Budget Deficit, Sees $8 Billion Spike in Dollar Deposits, Speaks at UN General Assembly

Sep 23, 2024, 01:59 PM

Argentina's libertarian president, Javier Milei, has announced his intention to eliminate the country's budget deficit entirely by next year. This announcement was made during the introduction of Argentina's 2025 state budget. Since taking office in December, Milei has implemented a series of pro-market austerity measures and incentives, resulting in a spike of $8 billion in Argentina's foreign currency deposits. Milei has also stated that he will not lift foreign exchange restrictions until the inflation rate, currently around 60% year-over-year, reaches zero. During his visit to New York, Milei visited the Lubavitcher Rebbe’s grave before speaking at the UN General Assembly and the New York Stock Exchange, where he rang the Opening Bell to recognize the 79th Session of the UN General Assembly.