On 16 Sept. 2020, Argentina’s Central Bank chief Miguel Pesce announced through a Resolution 4815/2020 a host of new measures, including a 35% tax on US dollar purchases by retail savers, which will apply on top of the previous 30% so-called 'solidarity tax.' The extra levy will also affect credit card purchases in dollars. The existing dollar-purchase quota of USD 200 per citizen per month remains in place, but with the new measures, credit card dollar-denominated purchases will also count towards this quota. The govt.'s measures sought to stop Argentina from further losing foreign reserves, as well as reduce the gap between the official exchange rate and the black market (blue dollar) rate, which has soared to more than 70% as the country’s net international reserves have dwindled to less than USD 7 billion. Argentines have been buying dollars at a record pace as the peso loses value almost every day, pushed by some anti-business govt. decisions, an economy in free fall due to the pandemic and lack of saving options. The Central Bank “solutions”, however, seemed to have exacerbated the problem as the gap between the official and black market rate widened to nearly 100% after the measures’ announcement, in addition to plunging Argentine bonds into distressed territory only two weeks after a successful restructuring of sovereign debt with foreign private creditors.