The Minister of Economy of the Argentine President, Javier Milei, announced on Friday, April 11 that the libertarian government would raise the strict capital and foreign exchange controls of the country in a few days, a high -risk commitment made possible by a new loan of the International Monetary Fund.
In a televised speech at the national level, the Minister of Economy, Luis Caputo, also said that the Executive Board of Imposts decided to approve the rescue package of $ 20 billion announced earlier this week, which offers a lifeguard to Dangences argues that exhaust the foreign currency.
“The agreement will allow us, as of Monday, to lift the exchange rate controls that so severely limit the normal functioning of the economy,” Caputo said at the government’s headquarters in Buenos Aires.
Capital controls, known here as “El Cepo” or “La Trap”, are a tangle of regulations that help stabilize the weight at the official rate and avoid capital flight from Argentina.
Tax for the previous Leansing Lef administration in 2019, restrictions slow down the access of people and companies to dollars, discouraging the foreign investment that Milei needs to achieve its goal of transforming Argentina strongly regulated into a free economy. They have also created a fixed black market for the US currency.
At the place of exchange controls since 2019, the peso can float a band of between 1,000 and 1,400 pesos to the dollar, the central bank said in a statement.
The $ 200 per month limit to access Greenbacks will also rise, he said.
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