Argentina Officially Adopts US Dollar as Currency
President Milei's radical economic reform takes effect as country abandons peso after decades of inflation.
Argentina has officially adopted the US dollar as its national currency, completing the most radical economic reform in the country's history under President Javier Milei.
The dollarization follows decades of chronic inflation and repeated currency crises that have impoverished millions of Argentines. The peso ceased to be legal tender at midnight.
"This is the end of inflation in Argentina," Milei declared. "We are restoring economic sanity after decades of socialist mismanagement."
Economists remain divided on the decision, with supporters praising the stability dollarization will bring and critics warning about the loss of monetary policy flexibility.
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