Argentina’s tax amnesty program, launched by President Javier Milei, has successfully attracted about $18 billion back into local banks.This initiative encourages residents to deposit foreign currency they had kept outside the formal banking system. This influx is especially critical as the country faces challenges with its foreign currency reserves during a technical recession. For years, many Argentines have chosen to keep their savings in offshore accounts or cash due to worries about economic instability, hyperinflation, and currency devaluation. The tax amnesty program allows them to bring their funds back into the local banking system.
November 1, 2024
SOURCE: INVEZZ
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Milei’s tax amnesty program brings $18 billion to Argentina’s banks