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Argentina devalues the peso in Milei’s first week

On 13 December 2023 Economy Minister Luis Caputo announced a large official-rate devaluation in President Milei’s first week. In the causal graph this event strengthens Inflationary Pressure, a driver that strengthens Global Consumer Price Inflation (annual %) — an improving welfare path.

Argentina devalues the peso in Milei’s first week

Sources: [1][2]

Read the full account

On 13 December 2023 Economy Minister Luis Caputo announced a large official-rate devaluation in President Milei’s first week. Monthly inflation jumped.

Context

The inherited gap between official and parallel rates sat. Neighbouring DNU 70 is a week later. The BCRA implemented. He did not sit as every teller.

10 December oath is the parent. DNU 70/2023 is neighbouring. INDEC poverty 2024 is a child print.

The President of Argentina heads the federal executive, issues decrees of necessity and urgency subject to congressional review, and appoints the cabinet. He does not write INDEC prints, an IMF board decision, a US Treasury backstop, or a Central Bank balance sheet by himself. Congress, governors, the BCRA, and coalition deputies share specific files. Dollarisation announced is not dollarisation completed.

Why it matters

The path is household purchasing power and inflationary pressure: a completed devaluation is a dated price-level shock intended as a later disinflation parent.

Who was responsible

Contribution type and responsibility level for each recorded actor — not sole-author shorthand.

  • Javier Milei

    Person

    Direct responsibility

    responsibility level 0.75 · verified

    Caputo announced. The BCRA moved the official rate. He headed the cabinet that owned the shock.

What changed

Fact → Driver → Indicator. Relationship strength orders the paths; it is not the observed indicator movement.

Evidence

The sources behind this fact and its verification state.

Verified2 sources on file
  1. 1.La Nación — Luis Caputo anunció un dólar oficial a $800…, 12 December 2023 (in Spanish)Ministry of Economy of Argentina · High credibility · verified
  2. 2.Reuters — Argentina devalues peso in Milei’s first weekReuters · High credibility · verified
What the sources establish

Ministry of Economy of Argentina carries the official instrument or communique. Reuters records the same dated act independently.

Established: 13 December 2023 official-rate devaluation, independently reported.

Not established: a unique later real-wage coefficient from that Wednesday, or that dollarisation was thereby completed.

The BCRA moved the official rate. He headed the cabinet that owned the shock.. A later repeal, court stay, or successor order would be a different Fact with a different date. That pair identifies Argentina devalues the peso in Milei’s first week, not a later speech about Argentina devalues the peso in Milei’s first week.

Co-authors and later implementers named in Context remain on the file. If a later repeal, stay, or successor instrument exists, it needs its own date and its own row. The contribution described on this Person row is limited to Caputo announced. The BCRA moved the official rate. That limit is the alternative to treating office-holding as authorship of every later series.

Causal path

How this event connects to drivers and indicators in the graph.

  1. ActorJavier Milei
  2. contributed toFactArgentina devalues the peso in Milei’s first week
  3. strengthensDrivers (2)Inflationary Pressure
  4. strengthensIndicatorGlobal Consumer Price Inflation (annual %)

Cite this page

Factrail. (2026). Argentina devalues the peso in Milei’s first week. Factrail. https://factrail.ai/facts/ar-deval-2023

https://factrail.ai/facts/ar-deval-2023

Accessed 16 October 2026.

By the Factrail desk · Method: how we source and score · Last reviewed

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