Tag #Dolarization

What immediate economic impact is the Argentine government hoping to achieve with its new plan to formalize untaxed US dollar savings?

The Argentine government launched a "historical repair plan" to encourage citizens to formalize their USD 213 billion in untaxed savings held outside the formal banking system. This plan involves relaxing reporting requirements for financial transactions, aiming to stimulate spending and boost the economy, which experienced a 1.8% month-on-month decline in March 2024.