News By/Courtesy: K.M.Kalidharun | 03 Sep 2019 22:30pm IST

HIGHLIGHTS

  • Argentina imposes foreign exchange controls on exporters
  • The Buenos Aires stock market fell by 30%
  • Argentina is facing rising unemployment and heavy inflation rates

On Sunday Argentina imposed foreign exchange controls on exporters after it faced heavy financial uncertainty that led to a major drop in the Argentinian currency Peso. The exporters were ordered to seek permission from the Argentanian central bank before they involve in transactions of foreign currencies. The decree said that the measures were taken to “ regulate more intensely the currency exchange regime and strengthen the normal functioning of the economy”

Since 2018 Argentina has been fighting rising unemployment and heavy inflation rates. Last week it requested the IMF to restructure the loan at 56 billion. The central bank bought 300 million dollars in pesos in Tuesday to increase the value of the currency, but it still depreciated by 2.5 percent. When the Buenos Aires stock exchange fell by 30%, the currency value also fell by 20%. Mr.Fernandez is likely to succeed in the next election, as the Macru Government has failed to perform it’s duties efficiently.

Staff will remain in close contact with the authorities in the period ahead and the Fund will continue to stand with Argentina during these challenging times,” the Fund said in a statement.

 

 

 

 

Section Editor: Prithvjjit Mukherjee | 12 Sep 2019 12:53pm IST


Tags : #argentina #IMF #inflation #exports

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