# Argentina devalues peso and cuts spending under Caputo plan

Date: 2023

Argentina's new economy minister Luis Caputo announced an emergency package on 12 December 2023 that roughly halved the peso's official value, moving it from about 400 to 800 per US dollar. The plan also cut energy subsidies and suspended public-works tenders as President [Javier Milei](/people/javier-milei)'s government tried to curb the fiscal deficit and inflation.

## People

- Luis Caputo: https://factrail.ai/people/luis-caputo
- Javier Milei: https://factrail.ai/people/javier-milei

## Sources

- https://www.aljazeera.com/news/2023/12/13/argentinas-far-right-president-starts-term-with-sharp-currency-devaluation
- https://www.theguardian.com/world/2023/dec/13/argentina-new-government-devalues-peso-economic-crisis

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/argentina-government-announces-peso-devaluation-2023-12-12