Citizens snap up greenbacks in bid to protect savings from crisis

As political turmoil roiled Argentina last month and inflation surged to a three-decade high, the population did what they do in every crisis: buy dollars.

About 1.4 million people bought greenbacks on the formal market in July, up nearly 60 percent from June, according to Central Bank data published last week. The number of people buying dollars in June was the highest since 2020, when there was only one tax on dollar purchases, rather than the two there are now.