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Argentina introduces exchange currency controls

On 1st Sept. 2019, through a Decree issued in the Official Gazette, the government of Pres. Macri imposed foreign-exchange currency controls on Argentine exporters and citizens. According to the decree, which remains in effect until December 31, individuals may not buy more than USD 10.000 a month, nor transfer more than that amount to accounts abroad. The Central Bank set deadline for repatriation of foreign earnings for exporters, and all companies must request permission to distribute dividends abroad or to buy US dollars. However, it was clarified that there are no restrictions on people withdrawing US dollars from their bank accounts, and no restriction for travel. These measures aimed to control a rapid loss of foreign reserves and an accelerating devaluation of the currency. A week after, Argentine stocks market closed with a slight improvement of 7.5%, while the exchange market showed some stability with 5.4% of peso recovering (ARS 57 – USD 1). Meanwhile, the country risk lowered to 1.962 basis points, after having reached 2.600 the day after the announcement.


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