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Javier Milei’s victory in the Argentine presidential election has led to a 40% increase in shares of state-oil firm YPF. Milei has plans to revamp the country’s economy, including privatizing YPF and potentially using the US dollar. If his plans are successful, there could be major economic changes in Argentina.

Milei believes that his administration’s aim is to add value to companies and increase their saleability, benefiting the people of Argentina. The government nationalized 51% of YPF over ten years ago and now manages substantial shale gas and oil reserves.

The news of Milei’s win prompted other Argentina-linked equities, such as Grupo Financiero Galicia and Banco Macro, to also gain over 20% in value. The Global X MSCI Argentina ETF saw gains as well, going over 11.6% soon after midday in New York.

Milei described his election win as the defeat of a decadent model, asserting that there is no turning back. To manage Argentina’s historic inflation, a plan is set to deprioritize the peso over the dollar. The anticipation of this new economic era is expected to impact the exchange rate between the peso and the dollar.

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