Queue for banks in Argentina after restricting the purchase of currencies

Thousands of Argentines worried about their savings and seeking to withdraw their dollars waiting in front of the banks after the government began to put in place restrictions on currency trading and buying.

Following the decision of the liberal president Maurizio Macri to impose restrictions on individuals and companies in terms of purchase and conversion of currencies, the value of the Argentine currency rose by 5.38% at the close of the markets on Monday. at 58.41 pesos per dollar.

The Merval index of the Buenos Aires Stock Exchange jumped 6.45% on Monday.

Under the decree issued by Macri and published Sunday in the Official Journal, exporters must obtain authorization from the central bank before buying foreign currency.

The decree also requires government permission to transfer money abroad and does not allow an individual to buy more than $ 10,000 a month.

The restrictions, which will come into effect until the end of December, do not include dollar withdrawals from bank accounts.

The economic crisis in the country worsened last month after McCrey's defeat at the presidential primaries scheduled for October.

Argentina has experienced an economic contraction since 2018 and its authorities are struggling to fight unemployment and fight against inflation exceeding 55% of the world's population.

In an effort to calm the turmoil in the financial markets, Argentina has asked the IMF to reschedule payments for the $ 56 billion bailout package agreed last year.

Source: "AFP"

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