The International Monetary Fund said it will stand by Argentina after the govern...
BUENOS AIRES - The International Monetary Fund said it will stand by Argentina after the government authorized currency controls on Sunday in an about-face by President Mauricio Macri, who had previously lifted many protectionist practices of his predecessor, Cristina Fernandez de Kirchner.
The measure means companies will need permission from the central bank to access the foreign exchange market to purchase foreign currency and make transfers abroad. “Staff will remain in close contact with the authorities in the period ahead and the Fund will continue to stand with Argentina during these challenging times,” the spokesman said.
The central bank has burned through nearly $1 billion in reserves since Wednesday in an effort to prop up the peso. But the intervention did not have the desired impact and risk spreads blew out to levels not seen since 2005, while the local peso currency extended its year-to-date swoon to 36%. “Trade is not restricted. There were restrictions before, but there are none now,” said a source familiar with the new central bank measure.
A team from the IMF was in Argentina last week to meet with government and central bank officials, as well as Fernandez and his economic advisers.Worries over Argentina’s ability to meet its dollar-denominated debt obligations have increased since the Aug. 11 primary.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
House Judiciary delays gun control meeting, citing hurricane preparationsHouse Judiciary delays a meeting to discuss gun control legislation amid preparations for Hurricane Dorian
Leer más »
Amid Colombia rebel rearmament, U.S. sees support from Maduro: officialThe government of Venezuelan President Nicolas Maduro is increasingly providing ...
Leer más »
UN chief visits Congo Ebola region, pledging supportThe United Nations secretary general visited Congo's eastern city of Beni on Sunday, pledging solidarity as the region faces an Ebola outbreak that has killed nearly 2,000 people in a year and ongoing insecurity that has residents skeptical of outside help
Leer más »
Sudan's ex-president Bashir charged with corruption, holding illicit foreign currencyA Sudanese judge formally indicted former president Omar al-Bashir on charges of...
Leer más »
Sudan's ex-president Bashir charged with corruption, holding illicit foreign currencyA Sudanese judge formally indicted former president Omar al-Bashir on charges of...
Leer más »
Shawn Mendes Reveals Why He Hasn't Shared Details About His Love LifeThe 21-year-old singer's comments come amid his rumored romance with Camila Cabello.
Leer más »