Currency controls and debt in Argentina: the stakes are high if Milei’s latest economic gamble doesn’t pay off

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In April, Argentina’s president Javier Milei partially lifted the capital and currency controls that had been in place since 2011. The move was possible with the support of a US$20 billion (£15 billion) IMF bailout and means Argentinians may now buy unlimited dollars again.

Announcing the move in the capital Buenos Aires, Milei was flanked by American treasury secretary Scott Bessent. Milei took the opportunity to liken it to US president Donald Trump’s “liberation day”.