Argentines are spending the most amount of dollars in years as they cash in on a strong peso, stoking further worries over the path of President Javier Milei’s currency policy. Credit card spending that originates in dollars or other foreign currencies reached US$645 million in January, the highest since February 2018. Those figures are just a portion of total outlays as they exclude debit card or digital wallet transactions, which have surged in popularity in recent years. The spending trend stems from efforts by Milei’s team to keep the peso’s value relative to the greenback steady, partly by letting the peso weaken at a pace of one percent per month.
February 11, 2025
SOURCE: BUENOS AIRES TIMES
Argentines spend most dollars since 2018 on strong peso policy