10:46 GMT30 May 2020
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    Argentina’s national currency, the peso, has dropped nearly 40 percent after the country’s new leadership lifted four-year currency controls on Thursday.

    MOSCOW (Sputnik) – The peso exchange rate rose to 13.3 per $1 as of 17:59 GMT Thursday, up from 9.81 the previous day.

    The newly elected conservative President Mauricio Macri’s financial ministry announced the elimination of foreign exchange restrictions on Wednesday.

    The restrictions were enacted by previous left-wing leader Cristina Kirchner to combat tax evasion and stop capital flight, but resulted in a considerable gap between official and "black market" exchange rates.

    After the move, financial experts forecast the peso to climb from 9.82 to 15 per $1.

    Macri campaigned on a pledge to liberalize the currency market and increase reserves up to $25 billion over the next four months. The country’s central bank currency reserves have dropped to $24 billion from over $52 billion in four years.

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