Argentina announces a 50% devaluation of its currency as part of shock economic measures

Argentina on Tuesday announced a sharp devaluation of its currency and cuts to energy and transportation subsidies as part of shock adjustments new President Javier Milei says are needed to deal with an economic "emergency."

Economy Minister Luis Caputo said in a televised message that the Argentine peso will be devalued by 50% from 400 pesos to the U.S. dollar, to 800 pesos to the dollar.

"For few months, we're going to be worse than before," he said.