MercoPress. South Atlantic News Agency

CFK fears peso devaluation after Oct. 26 midterm elections

CFK also highlighted Milei's failure to deliver on his election promises

As the Argentine Government of Javier Milei grapples to keep the local peso from plunging against the US dollar, former President Cristina Fernández de Kirchner posted from her house arrest that everybody knew about the impending devaluation after the Oct. 26 midterm elections. “Oh, Milei! ... It seems to me that they realized that after Sunday the 26th, you would devalue,” CFK wrote.

After all, “you were not an expert in economic growth, Milei... even less so without money... and I better not even tell you about without dollars,” the opposition leader pointed out.

The Central Bank (BCRA) sold US$450 million on Wednesday to keep the official and the black market quotations from jumping above AR$ 50 and 30 from Tuesday to stand at AR$1,450 and AR$1,475 respectively. The credit card dollar for purchases abroad stood at AR$1,885.

In addition, Banco Galicia, one of the country's leading financial entities, blocked all currency exchange operations through its online channels, further fueling speculations. Galicia reported delays and intermittent interruptions in the purchase of dollars through its app and website, citing a high volume of requests, advising customers to try again later. Many influencers suggested on social media that it would be wise for Argentine residents to withdraw their savings from any bank while they still can.

CFK accused Milei of failing to deliver on key campaign promises, noting that “Nothing Marches According to Plan.”

”You didn't dollarize, you didn't burn the Central Bank (on the contrary, 'libertarian'... you use it every day to intervene in the price of the dollar), your 'currency competition' failed, there are more dollars 'under the mattress' than ever,” she also highlighted. She also mentioned an increasing recession, plummeting consumption, factory closures, and layoffs.

In her social media postings from her Buenos Aires apartment, where she is under house arrest, CFK also brought up Congressman José Luis Espert's alleged involvement with a known drug trafficker wanted in the US State of Texas. Espert is Milei's top candidate to renew his seat in Congress from the province of Buenos Aires.