Argentine government scraps foreign exchange controls

Trading billboards told Argentineans that the country’s foreign exchange policy was undergoing a major change – the over-a-decade control of this pivotal financial leverage is cancelled by the newly-appointed government on December 16.
(Soundbite) Alfonso Prat Gay, Argentine Finance Minister
“Whoever wishes to import will import what he wants. Whoever wants to buy dollars can buy at his will. Whoever wants to sell (dollars) can sell. No one will be stopped. This is as normal as economies work anywhere else in the world.”
Meanwhile, the central bank was negotiating with foreign banks, including that of China, to secure between 15 and 25 billion U.S. dollars in credit over the next four weeks to bolster its foreign currency reserves.
(Soundbite) Alfonso Prat Gay, Argentine Finance Minister
“We had a good dialogue. More specifically, the president of the central bank of Argentina had a good dialogue with the authorities of China’s central bank to allow us to transform part of the yuan’s reserves into dollars, which will be used not only for our trade with China but for other purposes.”
Firm rein on foreign exchange was first put place in November 2011 for Argentine companies and individuals to seek official permission before acquiring any foreign currency.
The control was leveled up during the remaining years of the last government, which was partly blamed for dragging the economy into rigidity and swamp.

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