Argentina imposes restrictions on selling the dollar to major exporters

Buenos Aires – Dr.

Posted on: Wednesday 16 September 2020 – 9:29 PM | Last update: Wednesday, September 16, 2020 – 9:29 PM

The Argentine Central Bank decided to compel commercial banks to obtain prior approval from it before selling any amounts in US dollars to clients from the category of “major export companies”.

And Bloomberg News quoted a report by the Buenos Aires-based financial consulting firm, Alberdi Partners, as saying that with the decline in dollar deposits with banks, “the central bank has chosen who should be protected from exposure to a credit crunch.”

The company added that the Central Bank gave priority to providing financial needs in dollars for small and medium companies because it believed that major export companies could procure their foreign currency needs from foreign markets after the Argentine government succeeded in reaching an agreement to reschedule its foreign debts.

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