Attempting to stabilise deepening financial crisis

Argentina: Government imposes currency controls

As Argentina faces a deepening financial crisis, the country has imposed currency controls in an attempt to stabilise markets. The government is set to restrict foreign currency purchases following a sharp drop in the value of the peso.

Firms will have to seek central bank permission to sell pesos to buy foreign currency and to make transfers abroad. Argentina is also seeking to defer debt payments to the International Monetary Fund (IMF) to deal with the crisis.

In an official bulletin issued on Sunday, the government said that it was necessary to adopt "a series of extraordinary measures to ensure the normal functioning of the economy, to sustain the level of activity and employment and protect the consumers". The central bank said the measures were intended to "maintain currency stability".

While individuals can continue to buy US dollars, they will need to seek permission to purchase more than $10,000 a month. According to bbc.com, the measures will apply until the end of this year.


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