Latin America

Argentina tightens currency rules, affectin dollar-denominated card purchases

Spending in foreign currencies will be included in the USD 200 monthly quota. Markets were spooked by new restrictions

argentina dollar

In a bid to protect Argentina’s U.S. Dollar reserves, the country’s central bank (BCRA) late Tuesday evening has tightened controls on buying and spending in foreign currencies. The package, set to expire next December, was designed to restrict the dollar purchases, and limit capital outflows ahead of a new sovereign debt restructuring. 

In practice, Argentines will be able to keep exchanging pesos up to the limit of USD 200 a month — a measure that was already in place since October 2019 — but from now on there are more hurdles and transactions will be more heavily taxed.

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