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Argentina announces new round of currency controls amid economic crisis

“BUENOS AIRES (Reuters) – Argentina’s central bank late on Wednesday announced further currency controls in an effort to tame speculation and stem a spiraling debt crisis in Latin America’s third largest economy” writes Midwest Communications Inc for 95kqds.com. The initial restrictions limited the purchase of dollars, and required companies seek permission from the central bank to access the foreign exchange market to purchase foreign currency and make transfers abroad.The new measure requires anyone purchasing foreign currency to present a sworn oath promising to wait at least five days before using it to purchase bonds.Argentina’s government authorized currency controls earlier this month, an about-face by President Mauricio Macri, who had previously lifted many protectionist practices of his predecessor, Cristina Fernandez de Kirchner. The shock result sent bonds, stocks and the peso currency plummeting on market fears over a potential return to the interventionist policies of Fernandez de Kirchner’s previous government.
 
Source: 95kqds.com



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