After a presidential candidate in Argentina proposed to dollarize the economy, the country's Foreign Minister Santiago Cafiero criticized the proposal, noting that Argentina should be attracting dollars through exports but not by risking the country's monetary sovereignty.  

Cafiero was quoted saying: "There are proposals by candidates who advise seeking dollars for the Argentine economy, putting at stake monetary sovereignty. On the contrary, we think that exports are the way, that dollars should be produced by exports."

The proposal was submitted by far-right presidential candidate, libertarian economist Javier Milei. Argentina's presidential elections are due to take place on October 22.

Read more: Brazil, Argentina set to begin preparations for common currency: FT

The main contenders for the presidency are Sergio Massa, the incumbent economy minister running for the ruling Union for the Homeland party, and opposition politicians, including former security minister Patricia Bullrich and Milei.

The winner of the presidential election will take office on December 10 for a four-year term.

The impending October election occurs amid an economic crisis in the Latin American nation, marked by surging inflation and increasing poverty rates. Such circumstances have led to skepticism toward traditional politicians.

To address the economic challenges and dwindling foreign reserves, the government has implemented stringent currency controls and increased import taxes on businesses to stabilize the dollar.

Who is Javier Milei?

The primaries in Argentina introduced a new far-right face, Javier Milei, who will be facing Patricia Bullrich and Sergio Massa in the October elections. Milei is an economist with an ideology best described as conservative and libertarian. 

His far-right sentiment is not a secret. Milei is a staunch supporter of former Brazilian President Jair Bolsonaro and former US President Donald Trump and is close to the Spanish Vox party.

Milei’s rockstar appearance is appealing to youngsters in Argentina. However, his social views are less appealing. According to reports, he supports gun rights and wants to permit the sale of organs.