Devaluation may be a term that’s anathema to President Javier Milei – he’s sworn repeatedly he won’t break his promise and let the peso plunge – but a stealth devaluation, well, that’s something he’s willing to accept. Exempt from those taxes, soybean farmers will reap, in pesos, an extra 25 percent or so for each dollar they get in revenue. These are in essence targeted devaluations – aimed in this case at those who control the largest supply of dollars into the country, the farmers. The measures last until October 31, or until crop sales under the new programme reach US$7 billion. But the cost is equally significant, slashing more than a billion dollars in much-needed revenue from an administration that has built its reputation – and market credibility – on balancing the budget.