{
  "id": 17976969,
  "title": "Caputo rules out devaluation to boost competitiveness",
  "url": "https://urgent.news/2026/11/03/caputo-rules-out-devaluation-to-boost-competitiveness",
  "topic": "world",
  "section": "World",
  "published": "2026-11-03T14:56:58.000Z",
  "source": {
    "name": "Buenos Aires Herald",
    "slug": "buenos-aires-herald",
    "url": "https://buenosairesherald.com/economics/caputo-rules-out-devaluation-to-boost-competitiveness"
  },
  "original_language": "en",
  "account": "Argentine Economy Minister Luis Caputo affirmed on Tuesday that the government will not resort to devaluation to enhance the competitiveness of the country's industry, during the opening of the annual Conference of the Argentine Industrial Union (UIA) in Buenos Aires. Speaking at the Golden Center in Parque Norte, Caputo emphasized that improving competitiveness should involve cutting taxes, reducing regulations, and lowering financial costs. A report by consultancy firm Audemus indicated that Argentina experienced the second-worst industrial decline globally between 2023, when President Javier Milei took office, and 2025, with the manufacturing sector shrinking by 7.9%.\n\nLast year, Argentine industrial activity plunged to pandemic levels with a year-on-year decline of 4.9%, according to Caputo. Despite this, he defended the government's economic course and rejected the idea of devaluation, arguing that it would impoverish wage earners. Instead, Caputo outlined the necessary reforms for sustainable competitiveness, including tax cuts, reduced regulations, lower financial costs, and improved infrastructure. He also announced measures to alleviate the financial and tax burden on businesses, particularly small and medium-sized enterprises, such as extended tax deadlines and suspension of tax-related asset seizures by the Revenue and Customs Collection Agency (ARCA).\n\nCaputo stressed the importance of consolidating the economic model changes implemented by his government, asserting that macroeconomic stability and predictability are crucial for restoring investment and growth. He criticized the previous system, which he described as one characterized by fiscal deficits, monetary issuance, debt, foreign exchange restrictions, and a lack of productive credit, as having led to financial distortions and a closed economy. Caputo cited an 11% drop in industrial activity between July 2022 and December 2023 as evidence of this stagnation. He explained that the government's economic program focuses on macroeconomic stability, reducing high costs, and gradually extending the conditions of the Large Investment Incentive Regime (RIGI) to all sectors, aiming for a framework of incentives and predictability for the entire economy.",
  "summary": "Speaking before industrial leaders, the economy minister defended his program and announced measures to help businesses La entrada Caputo rules out devaluation to boost competitiveness se publicó primero en Buenos Aires Herald .",
  "key_points": [
    "Economy Minister Luis Caputo ruled out devaluation to boost competitiveness.",
    "Argentina's industrial sector shrank by 7.9% between 2023 and 2025.",
    "Caputo outlined reforms including tax cuts, reduced regulations, and lower financial costs."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}