Argentine President Mauricio Macri says he will repatriate $1.3 million in savings from the Bahamas.

Macri also said Monday that he will use the money to buy Argentine treasury bonds because he is confident the country's struggling economy will recover and thrive.

Macri says the money was deposited in Merrill Lynch accounts in Switzerland and the U.S. But it was transferred to the Bahamas after Swiss private bank Julius Baer Group bought the Merrill Lynch overseas wealth management unit from Bank of America.

Macri recently set up a blind trust to handle his financial holdings in response to criticism over his role in two separate offshore companies that emerged in the "Panama Papers" leak. He says the companies were family businesses and he was a figurehead without compensation.