Argentine central bank orders foreign exchange sales

BCRA also bans “payments in instalments” for overseas travel as currency weakens

BCRA
Rachael King

The Central Bank of Argentina (BCRA) has ordered financial institutions to reduce their “net global positions in foreign currency” to zero by December 1.

This is the latest move aimed at shoring up Argentina’s depreciating currency, as policy-makers struggle with rising inflation and negotiations with the International Monetary Fund.

The measure, announced in a circular dated November 25, would in effect require the financial sector to sell foreign exchange. Newspaper El Diario said that this

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