Argentina’s Central Bank Implements Additional Currency Controls

The Central Bank of Argentina, BCRA, implemented more currency controls as it tries to stop the nation’s debt from spiraling out of control. According to the new regulations enforced on Wednesday, anyone in Argentina who wishes to purchase foreign currency can only use the amount to buy bonds after waiting for a period of five days.

This is the second time within a month that the government is enforcing currency controls, overturning President Mauricio Macri’s decision to loosen protectionist policies the previous President had enforced.

Previously, traders were using foreign currencies to buy bonds and make a quick turnaround profit by selling at a better exchange rate. The first round of currency controls restricted users from purchasing dollars. Companies required BCRA’s permission to purchase foreign exchange and make international transfers.

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Arslan Butt
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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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