Milei Floats Exporter Tax Break in Stealth Devaluation (Correct)

Devaluation may be a term that’s anathema to Argentine President Javier Milei — he’s sworn repeatedly he won’t break his promise and let the peso plunge — but a stealth devaluation, well, that’s something he’s willing to accept.

Desperate to boost the supply of dollars in the foreign-exchange market and ease pressure on the peso, Milei’s government announced Monday the temporary suspension of export taxes on many of the country’s key crops. Exempt from those taxes, soybean farmers will reap, in pesos, an extra 25% or so for each dollar they get in revenue. For corn and wheat farmers, it’s ...