Right-Wing Candidate Central Bank Comment: World’s Largest Garbage Dump
Speaking to the foreign press for the first time after winning the primary elections in Argentina, Milei increased her criticism of the central bank.
According to the BBC Bloomberg report, Milei said that this institution is not necessary and described the Central Bank of Argentina as “the biggest garbage dump in the world.”
“Central banks fall into four categories,” Milei said during the interview. One is bad like the Fed (American Federal Reserve), the other is very bad like those of Latin America, terribly bad and the Central Bank of Argentina”.
Emphasizing that his goal is to pay off Argentina’s debt and prevent the country’s economy from defaulting, Millei said that if elected president, he would take his country out of the South American common market and not cooperate with China.
‘THE WEIGHT WILL RISE, THE DOLLAR WILL ARRIVE’
Saying that if elected he would bring in US dollars instead of pesos and privatize loss-making state companies, the presidential candidate also says he wants to allow the sale of arms and organs in the country.
Milei told Bloomberg that the dollarization plan will be one of the first measures she will present to Congress.
POLITICAL AND ECONOMIC CRISIS
On the other hand, the country’s currency, the peso, continues to lose value.
Political uncertainty and Milei’s words of dollarization are driving the increase in Argentine demand for dollars. Annual inflation in Argentina stands at 115 percent.
Earlier this week, Argentina’s Central Bank devalued the peso by 18 percent, raising the interest rate from 97 percent to 118 percent to combat the peso’s depreciation and high inflation.
THE FAVORITE OF THE ELECTIONS
Voting is mandatory in Argentina. For this reason, the person with the most votes in the primary is seen as the favorite for the presidential election on October 22.
If by October no candidate obtains 45 percent of the votes needed to win the election definitively, or 40 percent by a margin of 10 percent, the second round will be held on November 19.
A runoff seems likely at this point, as the difference in votes between the top three candidates in the primary is less than 4 percent.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
