Surrounded by a slew of government officials — with the notable exception of VP Victoria Villarruel — President Javier Milei celebrated his first year in office Tuesday night with a televised speech. 

In his 37-minute presentation, Milei announced that the currency controls known as cepo will be lifted in 2025, dollar transactions will now be allowed for all operations previously reserved only for pesos, and that the government is working on a new taxation scheme that will eliminate “90% of all current taxes.” 

The president appeared flanked on his right by his most trusted advisor, his sister and Presidency Secretary Karina Milei, and Chief of Staff Guillermo Franco on his left. Behind him sat all his cabinet members, a similar montage to what the president did on December 21, 2023, to announce the state and economic reform mega decree.

The absence of Vice President Victoria Villarruel was one of the highlights of the evening. Although she has never been present in Milei’s televised speeches, the president’s public acknowledgment that their relationship is broken has placed their rift even more in the spotlight. She did make a post on X about the government’s one-year anniversary, but only commented on her work as head of the Senate.

In his speech, Milei highlighted how the reduction of the informal dollar rate is bringing it closer to the official rate. He added that this signaled the beginning of the end of currency controls, a decision he called “an aberration that should have never happened.”

“With us, it will end next year, and forever,” Milei promised. The current cepo has been in place since 2019 and states that Argentines can legally buy up to US$200 per month at the bank. In recent years, there have been even more restrictions on who could purchase foreign currency, excluding those who receive government welfare or energy subsidies, among others.

Milei also said the government is working on a solution to the Central Bank’s dollar stock problem. They may try to reach a new loan program with the International Monetary Fund, or make an agreement with private investors.

Additionally, Milei said he will take a new step towards shutting down the Central Bank, one of his main campaign promises. He vowed to implement a new “currency competition scheme” that will allow individuals to use pesos or dollars for any operation, a move he said would “end inflation forever.”

“All Argentines will be able to use the currency they wish for all their daily transactions,” the president said. “This means that, from now on, each Argentine will be able to buy, sell and charge in dollars or any other currency, except for tax payments, which will remain in pesos.” However, so far there has not been any decree or other formal notification on how or when this will be implemented.

His final major economic announcement was a tax reform that will eliminate “90% of the number of national taxes.” The president further promised to allow the provinces to have autonomy to manage their own taxes. 

“Next year, we will witness a true tax competition between the provinces to see who can bring in more investments.”

You may also be interested in: Argentina marks one year under Milei’s chainsaw