Argentina’s incoming President Javier Milei confirmed the selection of Luis Caputo – the former chief of the nation’s Central Bank – as the future Economy Minister. The announcement, made by Milei during a radio interview, is said to affirm his commitment to instituting a more market-oriented economic team in the face of Argentina’s surging inflation, running at a yearly rate of 143 percent.
Caputo previously served as finance minister and Central Bank chief during the tenure of former conservative President Mauricio Macri, overseeing a significant debt restructuring. His appointment has met opposition from Milei’s libertarian base. Since Milei’s electoral victory, Argentina’s market has responded positively, and the nation has recorded a rise in stocks and bonds accompanied by a marginal strengthening of the peso.
In addition to revealing Caputo’s appointment ahead of his Dec. 10 inauguration, Milei praised Caputo’s ability to navigate the country’s critical economic issues, such as the short-term notes known as ‘Leliqs’. Milei has publically stated his goal to “dismantle the ‘Leliqs’ ball,” which he deems as potentially instigating hyperinflation.
