Banco Central de la República Argentina has restricted sellers of pesos, concerned on the rundown in reserves
Statement:
“Given various factors that impacted the evolution of the Argentine economy and the uncertainty in the financial markets, the executive branch needed to adopt a series of extraordinary measures aimed at ensuring the normal functioning of the economy, sustaining the level of activity and employment and protecting consumers”
- restricts buying more than $10,000 US per month, or making transfers exceeding that amount per month
- requires companies to sell their dollars from exports in the local market, not permitted to hold the dollars
On Friday the central bank announced banks need to seek prior authorization before distributing their earnings