Argentina offers amnesty to draw hidden dollars back into economy
Argentina’s President Javier Milei has launched a new plan to bring undeclared U.S. dollars back into the country as part of efforts to revive the struggling economy.
The scheme, announced on May 22, aims to encourage Argentines to use dollars they have kept hidden at home or in foreign bank accounts.
Over time, some citizens of Argentina have held up savings in dollars rather than pesos due to the country’s long history of inflation and currency instability.
Under the new plan, the government will remove tax reporting rules for those who choose to bring their unreported dollars back into the local economy, Morning Times reports.
Officials say there will be no questions asked about the origin of the money.
The government hopes that by making it easier for people to use these dollars openly, it will help boost Argentina’s low foreign currency reserves and stimulate spending within the country.
The plan is part of a wider push by President Milei’s administration to stabilise the economy using free-market policies.
