The temporary measures allow the government to restrict foreign currency purchases following a sharp drop in the super-sensitive peso.
The temporary measures, announced on Sunday, allow the government to restrict foreign currency purchases following a sharp drop in the super-sensitive peso.
A woman walks with an Argentinian flag during a march in support of President Mauricio Macri on August 24, 2019 in Buenos Aires, Argentina.government has imposed currency controls in a bid to stabilize financial markets, as Latin America's third-largest economy faces a deepening economic crisis. In an official bulletin issued on Sunday, the government said currency controls were necessary "to ensure the normal functioning of the economy."
Recession-hit Argentina has been struggling with a financial crisis, which was exacerbated by the president'sIn a vote seen by many as a key gauge for the first round of Argentina's presidential election at the end of October, business-friendly Macri lost by a far greater margin than expected to the opposition ticket of center-left Alberto Fernandez and populist ex-leader Cristina Fernandez de Kirchner.
Market participants had expected some form of capital controls from Argentina's government. However, some are concerned the move could jeopardize the International Monetary Fund's latest disbursement of its historic $57 billion bailout program.
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