What is missing for Milei to close the Central Bank of Argentina?
📅In November of last year, just days after being elected president, Milei stated that "the closure of the BCRA is non-negotiable" speaking about the imminent closure of the entity. However, nearly a year into his term, the BCRA remains operational.
🤔In a recent interview, the president explained why this campaign promise has not yet materialized. Milei mentioned that before the closure, they needed to sanitize the institution and stabilize the economy.
📈The first step was to create a currency competition, which according to Milei is underway. As of today, Argentinians can pay with the currency of their choice. This will allow, once the amount of pesos compared to dollars becomes so small, that closing the BCRA will be "a snap of the fingers."