Argentina tightens currency exchange controls after elections
Publish- October 29, 2019, 12:54 PM
UNB NEWS - UNB NEWS
Buenos Aires, Oct 29 (Xinhua/UNB) -- Argentina's Central Bank (BCRA) Monday announced stricter currency exchange controls to prevent capital flight after the left-leaning opposition defeated the conservative ruling party in general elections.
The BCRA President Guido Sandleris said the bank would restrict dollar purchases to 200 U.S. dollars per month via bank account and 100 dollars per month in cash, down from the previous limit of 10,000 dollars per month.
"As of today, we have reduced to 200 dollars a month the maximum amount that individuals can buy for saving, without the prior authorization of the central bank," said Sandleris.
The decision only applies to ordinary Argentinians, while exporters and companies involved in international transactions are not restricted, he added.
The decision aims "to protect the foreign reserves" for the incoming government that would "have a greater degree of freedom to implement its economic policies," Sandleris said.
He said Argentina's foreign reserves have fallen by 22 billion dollars since primary elections in August.