Off the wire
• Chicago corn, wheat, soybeans lower on expectation of demand reduction  • Roundup: U.S. stocks surge after Fed rate hike  • Roundup: Senior UN official calls for "unprecedented vision" to stop bloodshed between Israelis, Palestinians  • 1st LD Writethru: Gold up ahead of U.S. Fed's rate hike announcement  • UN refugee chief stresses need to address root causes of global displacement  • Albania, Georgia sign MOU on defense  • Good night for top-flight clubs in Spanish King's Cup  • French League Cup results  • News Analysis: Why Italian firms go foreign?  • 1st LD Writethru: U.S. stocks surge after Fed rate hike  
You are here: 　 Home

New Argentinean government announces decision to scrap foreign currency controls

Xinhua, December 17, 2015 Adjust font size:

The government of President Mauricio Macri announced Wednesday it would eliminate foreign currency controls put in place by former president Cristina Fernandez de Kirchner.

"We've come to announce the end to foreign currency controls in Argentina," Finance Minister Alfonso Prat-Gay said at a press conference. "We will return to the foreign exchange regulations that were in place prior to the implementation of the controls in November 2011."

Argentina is also working to secure between 15 billion and 25 billion U.S. dollars in credit over the next four weeks to bolster its foreign currency reserves in the lead up to the measure, state news agency Telam reported, citing the official.

To that end, Argentina's central bank was negotiating with various foreign banks, including China's central bank, said the minister.

"We inherited a complex situation. We are starting to work it out," Prat-Gay was quoted as saying. Endit