President Javier Milei has ruled out the possibility ofdollarizing the economy in 2024 and argued that this measure “constitutes the final step of an entire process that begins with the cleanup of the Central Bank”.
The president stated this in an interview with journalist Ivan Schargrodsky “they don’t have time” that the measure will be applied during this year, although he hinted that the conditions could be met in mid-2025.
“Dollarization (in the strict sense, the free competition of currencies) is the final step of an entire process that begins with the recovery of the BCRA, then advances in the reform of the financial system and is finally liquidated. This reform is to create an anti-racketeering banking system, and once the anti-racketeering reform is done, we can move to a free banking system,” the president said.
When asked if he ruled outdollarization for this year, Milei responded that “the timeframe is tight. I think if we maintain the current pace of BCRA cleanup, it would be clean only at the end of June. Adapting the model financial system could cause problems.” one year. The only advantage is that the size of the system is so small that it could be done faster“.
Source: Clarin
