Argentinians are leading Latin America in holding the most cash and deposits abroad due to the country’s high inflation, successive devaluations, and a history of economic crisis.
The data, shared by Martín Castellano, head of Latam Research at the International Institute of Finance (IIF), reveals that Argentinians have approximately US$250 billion, or nearly 40% of GDP, saved outside the country.
The National Institute of Statistics and Censuses (Indec) data for the last quarter of 2022 showed that Argentinians had about US$261.8 billion stored outside the financial system, either abroad or in physical storage such as safety deposit boxes.
Other nations with substantial offshore holdings are Mexico, Ecuador, and Panama.
In contrast, Brazil holds one of the region’s lowest rates of foreign savings relative to GDP.
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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