A journalist's phone, showing a pre-recorded video of Argentine President Mauricio Macri giving a message, lies on a chair at the Economy Ministry ahead of a press conference with Treasury Minister Nicolas Dujovne in Buenos Aires, Argentina, Sept 3, 2018. Amid economic turmoil, Macri announced a withholding tax on exports and the elimination of several ministries. (NATACHA PISARENKO / AP)
BUENOS AIRES — Argentina's President Mauricio Macri announced new taxes on exports and the elimination of several ministries on Monday in a bid to halt economic turmoil that has sent the peso to record lows.
Macri said in a televised statement that he will also allocate more economic aid and strengthen food plans for Argentines who suffer from poverty and have been affected by skyrocketing inflation.
READ MORE: Argentina hikes interest rate to 60%; peso plunges
The changes come as Macri attempts to cut the country's deficit and calm markets.
Argentina's Treasury Minister Nicolas Dujovne gives a news conference in Buenos Aires, Argentina, Sept 3, 2018. (NATACHA PISARENKO / AP)
The peso fell to an all-time low of 39.2 per greenback last week.
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Argentina has been forced to impose interest rate hikes and tighten the fiscal deficit target to try to stop the devaluation.
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