Argentina’s Peso Shows Remarkable Recovery Under Javier Milei’s Leadership

Argentina’s president has achieved the country’s first fiscal surplus since 2008 amidst sweeping reforms.

President of Argentina Javier Milei of La Libertad Avanza greets supporters after the polls closed in the country's presidential runoff, in Buenos Aires, on Nov. 19, 2023. Tomas Cuesta/Getty Images

Just four months into his term, Argentina’s President Javier Milei has stabilized the national currency and achieved the country’s first fiscal surplus in 16 years for the first quarter.

The Argentine peso, previously facing a rapid decline, has seen a substantial recovery. In the last three months, the black market exchange rate of the peso against the U.S. dollar has increased by approximately 25 percent. This rise has exceeded that of all other currencies tracked against the dollar by Western financial institutions.