US EditionArgentines Keep Cash Under Mattresses Even as Milei Pushes Bank Accounts
8 Articles
8 Articles
Argentines keep cash under mattresses even as Milei pushes bank accounts
Officials estimate roughly US$170 billion sits outside banks. Unlocking even a fraction of that by putting it to work in the formal financial system could help revive Argentina's economy. Leer más
The Argentines’ historical distrust of the financial system represents a critical obstacle to President Javier Milei’s plan to reinstate dollars in cash into the formal economy, according to a Bloomberg report. The official program “Tax Innocence”, designed to attract capital through the promise of confidentiality and audit protection, generated [...]
The US media Bloomberg, one of the most influential in the financial world, warned that Argentines do not heed the orders of Javier Milei and Luis Caputo and continue to keep their dollars “in the mattress”, even after the entry into force of the Tax Innocence Act. “According to estimates by the authorities, there are approximately 170 billion dollars outside the banking system.
The government’s attempt to encourage the income of dollars to the financial system faces a structural obstacle: the persistent distrust of the Argentines towards the banks and the state. Bloomberg warned in an analysis in which he points out that, despite official measures, most of the savings continue outside the formal circuit. According to the US media, the “Tax Innocence” program, designed to attract capital through greater guarantees of co…
The US medium Bloomberg emphasized the obstacles faced by the economic policy of the government of Javier Milei. One of them, he said, is the distrust of the Argentines to draw their savings in dollars “outside the mattress”, necessary for the executive in order to increase the deposits and reserves in hard currency. This aspect, becoming a structural problem of the Argentine economy, linked to the distrust towards the peso and the banks, clashe…
Buenos Aires, May 3, 2026 -Total News Agency-TNA- The plan of the National Government for Argentines to put their dollars back on the formal circuit clashes with a deeper obstacle than any norm: historical distrust of the state, the banks and the peso. Bloomberg’s report warned that the memory of the corralito of 2001, recurrent crises and the culture of cash savings complicate President Javier Milei’s strategy to mobilize the so-called “dollars…
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