Report

BCRA sets heavy FX controls, forcing selling of export income

- All exports will have to be turned into Argentine pesos in five days
- Firms will need BCRA approval to access FX market unless they are paying off imports and debts
- Citizens will be able to buy up to USD 10,000 a month, face laxer restrictions than firms
- FX deposits not affected, but massive withdrawals likely coming this week
- Banks are liquid in FX thanks to heavy regulations, but may still be stressed with coming withdrawals
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CEEMarketWatch
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