Argentina's President-Elect Milei Appoints Luis Caputo as Economy Minister

The appointment signals a more orthodox approach to managing Argentina's economy, currently grappling with a 143% annual inflation rate.

Argentina's president-elect, Javier Milei, has chosen Luis Caputo, a former finance minister and Central Bank chief, to lead the Economy Ministry when he takes office on Dec. 10.
Milei's decision to appoint Caputo confirms that he is building a more orthodox team to manage Argentina’s economy, which is currently experiencing an inflation rate of 143% annually.
Since Milei's election, Argentine stocks and bonds have increased and the local currency, the peso, has appreciated slightly in financial markets.
Milei's main campaign promise was to get rid of the Central Bank of Argentina, which he blamed for the country's three-digit inflation rate due to its penchant for printing money.
Milei's office has insisted that it still plans to close the Central Bank, but the dollarization plan is on the back burner until other actions are taken to shore up Argentina's economy.