Argentina devalues currency as markets slide after presidential vote

The Argentinian stock market got hammered, with the local Merval index down as much as 14% in dollar terms, in heavy trading

Javier Milei, a libertarian who has promised to burn down the central bank, took a third of the votes in Sunday’s primary. Picture: AP/Natacha Pisarenko

Outsider economist Javier Milei’s surprise win in Argentina’s presidential primaries sent markets tumbling and forced the government to devalue the peso currency by 18% after suffering a heavy electoral defeat.

The central bank also stepped in, raising interest rates  to 118% from the current 98%.