Argentine Central Bank tightens measures to protect reserves

The president of the Central Bank, Guido Sandleris, today ratified the decision to put a limit on the purchase of dollars per month per person in Argentina after stressing that it is crucial to end the economic uncertainty.

In a press conference hours before opening the market, after the elections of the day before, where Alberto Fernández was elected president, Sandleris reiterated that since Monday, only 200 dollars can be obtained from bank accounts and 100 in cash, a transitory decision until December.

After pointing out that last week there was a significant increase in the purchase of the green currency by people, in the midst of the uncertainty caused by the elections, he said that, since the August primaries, - when the US ticket returned to sink to the peso-, reserves fell by 22 billion dollars.

A third has to do with the fall in dollar deposits, another third of the debt payment and the last one is by intervention of the Central, said after insisting on this new measure is to protect international reserves during the transition.

He pointed out that with regard to extractions abroad with a credit card; they count as part of a cash withdrawal and with the limit that is limited.

Given what we experienced last week because of the demand for treasury dollars from individuals, we decided to support the controls, said the head of the Central Bank after a counter confident that the measure will achieve balance in the exchange market.

On the other hand, he stressed that the level of gross reserve was 33.5 billion dollars last week and the recent decision is aimed at preserving the level of funds.

sus/mem / may

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