Argentina restricts dollar sales to major exporters

The Argentine Central Bank decided to compel commercial banks to obtain its prior approval before selling any amounts in US dollars to clients from the category of “major export companies”.
Bloomberg News quoted a report by the financial consulting firm Alberdi Partners in Buenos Aires, that with the decline in dollar deposits with banks, “the central bank has chosen who should be protected from a credit crisis.”

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 agreeing to reschedule its foreign debts.

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