Analysts say the decision could encourage investors to dollarize their assets

Santiago Bausili, the Central Bank president selected by Javier Milei, has yet to assume his role at the institution

The rate at Argentina’s state-owned bank is AR$400.5 per U.S. dollar, a 6% devaluation compared to the rate of the Central Bank

Bausili served as finance secretary during the Macri administration

The LEDIV bond, touted by some as a shield against devaluation, was slashed after its total stock soared to US$6 billion

The president-elect’s team stated that they were confirming his commitment in order to shut down what they called ‘false rumors’

The decision affects their operations in US dollars following a run on the peso and severe reserve scarcity

‘The peso is the currency emitted by Argentine politicians, therefore it’s worth less than excrement’

With price rises slowing in September, the government is confident that the current rate will stay positive in real terms