Argentine President Javier Milei has dramatically reduced inflation from 25% monthly in December 2023 to below 3% through strict austerity measures. However, rising living costs have led him to propose that citizens use their hidden dollars, known as "mattress dollars," to support the economy. His bill called Fiscal Presumption of Innocence seeks to protect Argentines holding undeclared money from persecution while expanding a previous tax amnesty initiative. With an estimated $271 billion stashed away, Milei aims to integrate these dollars into the formal economy to ease financial strains on the citizens.
Milei's proposal encourages Argentines to spend their hidden dollars to boost the economy, with a focus on integrating off-the-books currency into formal financial channels.
The Fiscal Presumption of Innocence bill aims to end the persecution of Argentines with undeclared dollars, expanding tax amnesty to further stimulate economic activity.
Despite significant reductions in inflation, Milei faces challenges as economic hardships continue, pushing him to appeal for economic participation from citizens hoarding cash.
Milei's push for dollarization of the economy has shifted from outright replacing the peso to bringing previously hidden currency into public circulation.
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