Argentina to ease foreign currency restrictions: official

Source: Xinhua | December 21, 2014, Sunday |

Online Edition

THE Argentine government intends to gradually ease three-year-old restrictions on foreign currency, the central banker announced Friday.

Central Bank President Alejandro Vanoli said the idea was to move toward "full normalization" in 2015, but declined to go into details.

"It would be imprudent to comment on certain aspects, but the intention is (toward) full normalization, which will have to take place gradually, in keeping with how the global situation, which has been so volatile this year, evolves," Vanoli told America radio.

In October 2011, Argentina introduced foreign currency restrictions limiting the amount of U.S. dollars available to travelers or average citizens on a monthly basis. It also began levying a 35-percent tax on credit card purchases made abroad and on international travel.

"The idea is to generate no more restrictions and to slowly go normalizing things," said Vanoli. "2012 and 2013 were years of depletion for (our) international reserves. Now, in 2014, we are surely going to end up, for the first time since 2010, with growth in reserves."

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Argentina to ease foreign currency restrictions: official

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