Argentine central bank freezes banks’ FX purchases

BCRA order comes amid a falling peso, IMF talks and mid-term elections

The Central Bank of Argentina
Javier Pierini

The Central Bank of Argentina (BCRA) on November 4 ordered financial institutions to halt foreign exchange purchases through the end of November.

“Until the end of the month, financial institutions must keep their global foreign currency position at the same level as the monthly average of daily balances registered in October, or current as of today, whichever is lower,” the central bank said.

Argentine media attribute the decision in the first instance to the dollar’s growing strength on the

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