Argentina targets US dollars hoarded under mattresses, eases tax evasion rules

Argentine President Javier Milei on Friday signed into law a so-called “tax innocence” bill, which aims to encourage people to bank dollars stashed under mattresses or in offshore accounts by forgiving a degree of tax evasion. Over years of high inflation and currency controls, Argentines traded their battered pesos for dollars, which they often hoarded at home, in cash. The government estimates Argentines are sitting on some US$251 billion in what are commonly called “mattress dollars” – six...