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23 Oct. 2024

The hidden billions Argentines hold in undeclared savings

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Diego Fraga recalled that savers and investors were punished in the past, which generated mistrust and led to avoiding declaring some operations

In Argentina, savers have a habit that attracts the attention of any foreigner who learns about the subject: they have many physical dollars kept in safe deposit boxes.

This situation reached the Financial Times, which wanted to inquire about the reasons that lead to this type of decision being made when it comes to saving and, for that, it consulted with Diego Fraga.

When asked by journalist Ciara Nugent, the Expansion Business partner said that «taxes are only part of a very complicated problem.»

And he concluded: «Argentina has punished savers and investors so severely that people try to hide their money as a matter of survival.»

Read the full article here.