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Distrusting Argentines loath to bank their 'mattress dollars'

President Javier Milei took office in Argentina in December 2023 and launched a plan to encourage citizens to deposit their hidden US dollars into banks.
This plan follows decades of repeated economic crises, inflation spikes, and distrust in banks, which led many Argentines to stash about $200 billion outside the formal system.
The plan allows deposits up to 100 million pesos without requiring disclosure of their origin, with the aim of increasing the country’s foreign currency reserves, encouraging participation in the official financial system, and reinforcing the strength of the peso.
Milei expressed indifference about the origin of the dollars entering the economy, while critics worry this could facilitate money laundering; however, the government rejects these fears, emphasizing that the majority of Argentines with undeclared funds are not criminals.
Despite the initiative, many citizens like 84-year-old Rita Lopez refuse to bank their savings, reflecting enduring mistrust due to repeated past banking failures and shifting government policies.

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Distrusting Argentines loath to bank their 'mattress dollars'

Argentine "Rita Lopez," 84, keeps her US dollars hidden in an empty pea can in the kitchen. Since childhood, she has steered clear of banks in a country that has veered from one economic crisis to another.

18 hours ago

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Perfil

They Say that People “Will Not Spend the Dollars, Unless They Are Obliged”

According to the historian, Eduardo Sartelli, the government’s plan to mobilize savings in currency will fail because of the deep distrust of Argentine society in its economy. Read more

14 hours ago·Buenos Aires, Argentina

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Newsweek México

Argentines Keep 'Dollars on the Mattress': Milei Wants Them in the Banking System

In a modest house in Buenos Aires, Rita López, 84 years old, keeps her savings in an old can of peas. Inside, a well-hidden roll of dollars represents her way of protecting money, one that, she says, generates more confidence than any Argentine bank. “Neither crazy do I put my savings in the bank,” she says, under fictitious identity for fear of being a victim of theft. Lopez is not an isolated case. According to official estimates, about 200,00…

17 hours ago

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