Capital Control Relaxation: Forced or Planned?

ARGENTINA - Report 28 Jan 2014 by Esteban Fernández Medrano and Domingo Cavallo
At yesterday’s daily press conference, Chief of Cabinet Jorge Capitanich, chaperoned by the Head of the local Internal Revenues Service (AFIP) Ricardo Echegaray, gave some details of the new relaxations to capital controls, which were hastily brought forward last Friday after the significant slippage of the official FX rate the days before. The main aspects of the new announcements are: Local individuals can again request from the tax agency, AFIP, permission to buy reserves from the banks for savings purposes. Until this morning, the only reason allowed to request the acquisition of reserv...

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