Argentina encourages citizens to use and deposit undeclared dollars
The government led by the far-right libertarian Javier Milei, who has been in office since December 2023, sought to bring this money − estimated at $200 billion (roughly a third of Argentina's GDP) − into the banking system. "Your dollars, your decision," said presidential spokesperson Manuel Adorni on May 22, as he announced a program called the "Historical Reparation Plan for Argentinians' Savings." The plan is set to take effect on Sunday, June 1, before being reinforced by a legislative proposal. According to Economy Minister Luis Caputo, the goal is to unlock a "pent-up consumption" of dollars.
The core of the measures is to significantly raise the threshold at which banks and businesses must report transactions to the tax authorities. For example, the reporting threshold for a bank transfer has become 50 million pesos (about €37,000), up from the previous 1 million pesos (about €740).
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