The national government once again gave a clear signal that change is here to stay. In an interview with the channel Carajo, the Minister of Economy, Luis "Toto" Caputo, presented the guidelines of the new economic initiative called "your dollars, your decision", a measure that seeks to integrate private capital hoarded in foreign currency into the formal system, without persecution or restrictions.
"It would be natural for people to start transacting more with the U.S. dollar", stated Caputo, noting that Argentines hold between five and ten times more dollars than pesos. The new scheme, he emphasized, not only legalizes the use of the dollar in everyday transactions but also promotes an "endogenous dollarization", as President Javier Milei has repeatedly anticipated.
Caputo sobre Milei: “No me lo cambien porque los reviento a todos”.
The measure was well received by various sectors, including the Association of Public and Private Banks of the Argentine Republic (ADEBA), which highlighted the strengthening of the national financial system. But beyond the banking system, Caputo emphasized the direct impact on citizens: "The savings are yours, no one can say otherwise", he asserted, appealing to the sense of ownership and financial freedom of Argentines.
Besides its benefits for small savers, the minister pointed out that the plan especially favors the provinces. "If people start using dollars and the economy is formalized, the only taxes paid are VAT and Gross Income. VAT is shared, and the provinces get the most. If they adhere to this scheme, they can eliminate or reduce Gross Income. If they don't, the population will punish them", he warned, marking a clear incentive for provincial governments.
Caputo also stressed that this proposal remains firm in the economic line of no issuance: "The only way to issue is if the dollar hits the floor of the floating band. In that scenario, the Central Bank would sell pesos", he explained. In this context, the gradual displacement of the peso by the dollar is not imposed from above but arises as a natural consequence of the free behavior of citizens.
Caputo, Rivarola y Pazo
Accompanied in the interview by Silvina Rivarola, acting director of the Central Bank, and Juan Pazo, head of the Federal Administration of Public Revenues (ARCA), the minister detailed the foundations of the fiscal regularization regime included in the package. "Spend whatever you want, if you want, buy a house. If you adhere to this regime, we won't look at the past", Pazo explained. To guarantee this "tax amnesty", the government will send a bill to Congress to amend the Tax Criminal Law and the Tax Procedures Law, raising the thresholds of imputability and shortening the prescription periods.
But undoubtedly, the most forceful moment of the interview came when Caputo referred with total dedication to President Javier Milei: "This time is different because we have a different president", he stated. And he launched, with laughter and a defiant tone: "Keep the president just like that. Don't try to change him because I'll take you all down. The best thing he has is his personality."
