Argentina – Capital and exchange controls imposed
Emergency short-term capital controls have been announced to stabilise the falling peso, posing risks to Australian exporters and businesses in Argentina.
Exchange controls were reinstated in Argentina in early September, amid a worsening debt crisis and inflation of over 50%. Argentines have been rushing to buy US dollars and the central
bank’s foreign reserves have fallen sharply. The depreciation of the Argentinian peso has also increased the cost of servicing foreign debt, which
is largely denominated in US dollars. The government has responded by seeking to restructure US$105 billion of its debt and reintroducing currency
controls on both businesses and individuals. As of 2 September, individuals are only allowed to buy foreign currency of up to US$10,000 a month, while
strict deadlines apply for companies to bring back to Argentina foreign currency earnings from exports, with commodity exporters being the most affected.
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