# Argentina devalues the peso in Milei’s first week

Date: 2023

## The fact

On 13 December 2023 Economy Minister [Luis Caputo](/people/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](/organizations/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.

## Evidence and sources

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

## Significance

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

## What is established and what is not

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.

What would change the picture: a contradictory original with a different date or name, a later repeal, a court that vacated the instrument, or a measured series that can be argued, with lag and alternatives, as a consequence of this instrument rather than of later institutions.

The date is the date of this instrument, not a licence to back-date every later harm or benefit.

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. Argentina devalues the peso in Milei’s first week on 2023-12-13 is not a licence to treat every later Ministry of Economy of Argentina communique as this same act. If a later repeal, stay, or successor instrument exists, it needs its own date and its own row. This dossier refuses to average Argentina devalues the peso in Milei’s first week into a personality. The contribution described on this Person row is limited to Caputo announced. The BCRA moved the official rate. He headed the cabinet that owned the shock. That limit is the alternative to treating office-holding as authorship of every later series.

## People

- Javier Milei: https://factrail.ai/people/javier-milei

## Drivers

- Household Purchasing Power: https://factrail.ai/drivers/household-purchasing-power
- Inflationary Pressure: https://factrail.ai/drivers/inflationary-pressure

## Sources

- https://www.lanacion.com.ar/economia/luis-caputo-anuncia-las-primeras-medidas-economicas-del-gobierno-de-javier-milei-nid12122023/
- https://www.reuters.com/world/americas/argentina-devalues-peso-milei-2023-12-13/

## Methodology

https://factrail.ai/methodology

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