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Distrusting Argentines loath to bank their 'mattress dollars'

On Thursday, Argentina's administration under President Javier Milei introduced an initiative aimed at motivating citizens to deposit their so-called "mattress dollars" into the formal banking system without needing to disclose their source.
This initiative follows decades of economic crises, repeated system collapses, and currency controls that caused Argentines to distrust banks and hoard dollars at home.
The plan permits deposits up to 100 million pesos without requiring proof of origin, aiming to increase the country’s foreign currency holdings, encourage participation in the official financial system, and reinforce the peso’s value.
Government spokesman Manuel Adorni emphasized that most Argentines holding undeclared funds are not criminals but rather individuals burdened by heavy taxation and strict regulations, while Milei expressed indifference about the origins of the dollars entering the system.
Despite the plan, many Argentines like 84-year-old Rita Lopez continue to hide dollars outside banks, reflecting enduring mistrust due to past crises and policy inconsistencies.

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Distrusting Argentines loath to bank their 'mattress dollars'

Argentine "Rita Lopez," 84, keeps her US dollars hidden in an empty pea can in the kitchen. Since childhood, she has steered clear of banks in a country that has veered from one economic crisis to another.

1 day ago

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Perfil

They Say that People “Will Not Spend the Dollars, Unless They Are Obliged”

According to the historian, Eduardo Sartelli, the government’s plan to mobilize savings in currency will fail because of the deep distrust of Argentine society in its economy. Read more

1 day ago·Buenos Aires, Argentina

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Newsweek México

Argentines Keep 'Dollars on the Mattress': Milei Wants Them in the Banking System

In a modest house in Buenos Aires, Rita López, 84 years old, keeps her savings in an old can of peas. Inside, a well-hidden roll of dollars represents her way of protecting money, one that, she says, generates more confidence than any Argentine bank. “Neither crazy do I put my savings in the bank,” she says, under fictitious identity for fear of being a victim of theft. Lopez is not an isolated case. According to official estimates, about 200,00…

1 day ago

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