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Argentina Loosens Currency Controls

© Photo : pixabayArgentina flag
Argentina flag - Sputnik International
Currency controls in Argentina are being lifted as the country’s new government is struggling to give a boost to the weak economy, Finance Minister Alfonso Prat-Gay said at a press conference.

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MEXICO CITY (Sputnik) – Prat-Gay announced the scrapping of foreign exchange trading restrictions, introduced in 2011, on Wednesday in Buenos Aires.

"We're doing what we promised in the campaign," the finance minister said.

Argentina has been facing high inflation, low growth and an unstable currency.

The relaxing of the currency trading rules will allow Argentina’s national currency, the peso, to float freely, which is expected to lead to a devaluation of the peso, bringing the official peso per dollar rate closer to the black-market price.

The currency controls ("el cepo") were imposed by Argentina’s former president Cristina Fernandez, with the aim of protecting central bank dollar reserves.

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