Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Afrin: 'a war without images'

Read more

THE DEBATE

Syria on the Brink: Can Assad help the Kurds against Turkish forces?

Read more

FOCUS

Inside the murky business of cobalt mining in DR Congo

Read more

ENCORE!

100% Pure Parisian: Comedian Julie Collas helps locals laugh at themselves

Read more

BUSINESS DAILY

Chinese textile wholesalers open Marseille site

Read more

IN THE PRESS

Meet Annegret Kramp-Karrenbauer: Angela Merkel's 'mini-me'

Read more

IN THE PRESS

Major French student union rocked by sexual assault claims

Read more

THE INTERVIEW

Photographer Pete Souza shares his ‘portrait’ of Obama

Read more

EYE ON AFRICA

Zuma ally Atul Gupta challenges asset freeze

Read more

Americas

Argentina loosens currency market, limits dollar purchases

© AFP

Text by FRANCE 24

Latest update : 2014-01-27

Argentina eased unpopular restrictions on dollar purchases for the first time in more than two years on Monday, but placed a $2,000 monthly limit on the amount of hard currency its citizens will be allowed to buy.

Jorge Capitanich (pictured main), the head of President Cristina Fernandez's cabinet, told a press conference that permission to purchase dollars will be restricted to “working professionals, workers and small business owners.”

Large businesses and investors will be barred from hard currency purchases, and all transactions will have to be approved by the national tax agency, Capitanich added.

Buenos Aires announced last week that it would drop the measure put in place in 2011 restricting Argentinians' access to foreign currency to prevent capital flight.

The momentous decision to ease access to dollars was made after the Argentine peso suffered its worst single-day fall in more than a decade.

Since the beginning of the year, the peso has lost about a fifth of its value, and the measure was seen as a bid to halt that precipitous slide by boosting confidence in the economy.

The recent economic upheaval comes 12 years after Buenos Aires roiled financial markets by defaulting on nearly $100 billion in bonds, unleashing a tidal wave of capital flight and runaway inflation.

Argentines remain traumatized by the 2001 collapse, which wiped out the savings of millions of people from the middle class.

(FRANCE 24 with AFP)

Date created : 2014-01-27

  • ARGENTINA

    Argentina rejects court order to pay 'vulture fund'

    Read more

  • ARGENTINA

    Argentina's ex-president jailed for arms smuggling

    Read more

  • ARGENTINA

    Argentina's 'Dirty War' junta leader dead at 87

    Read more

COMMENT(S)