The coming quarter will define the rest of Javier Milei’s administration. The President is enjoying a second political honeymoon after his unexpectedly large victory in the October midterms and both Argentines and investors are giving him a new, stronger lease of life, which he now has to turn into a more solid political and economic programme. And he needs to score.
This week, Milei’s economic team took an important step in that direction. Central Bank Governor Santiago Bausili announced tweaks to the foreign exchange regime. The substance of the change, which will require follow-up steps, is less important than the acknowledgment that the scheme needed change.
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