Dollarisation of a different kind

Extraordinary times require extraordinary measures. Hence, the proposed dollarisation in Argentina

In recent years, there has been some de-dollarisation, with the trend most visible in Russia and China. Several other countries have also reduced the use of dollar in international transactions to varying degrees. This tendency is expected to continue. However, now suddenly a somewhat contrasting development is underway. It is dollarisation within a country.

To see this, let’s turn to Argentina, where people are sick and tired of the recurring very high inflation, and the usual policies. Inflation is at 113 per cent at present. Javier Milei, an important presidential candidate in the upcoming elections, has advocated replacing the peso