BUENOS AIRES, Argentina – Argentina’s president says she’s changing her personal savings from dollars to pesos to set an example for her citizens. And she wants her ministers to do the same.
President Cristina Fernandez says it’s about changing a culture. Argentines are obsessed with buying dollars to shelter their wealth from inflation, which runs at about 25 percent a year.
Fernandez has declared her net worth to be more than $15 million. She says it’s more profitable to convert it to pesos.
Many of her countrymen say otherwise. Last year capital flight from Argentina was $23 billion.
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