Argentina seeks billions in undeclared dollars to boost economy

Argentina launched a plan to attract billions of undeclared US dollars back into the country, aiming to boost its economy and currency reserves. The initiative allows citizens to spend unreported dollars without tax reporting, hoping to increase the amount of US dollars in circulation. The government estimates around $200 billion in "mattress dollars" exist, five times the Central Bank's reserves. The plan eliminates tax reporting requirements, encouraging spending of undeclared funds on everyday transactions, and promises no questions about the source of the money. This move follows a tax amnesty and lifting of currency controls, part of a broader strategy to transition towards a dollarized economy. The IMF expressed concerns about financial transparency, while the government aims to encourage spending and economic growth.