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Argentina to Ease Currency Controls

Government will allow Argentines purchase of dollars in proportion to their income and reduce tax on buying foreign currency.

By Daniel Cancel, Bloomberg | Updated on January 24, 2014

Argentina scrapped some of its currency controls a day after devaluing the peso as policy makers sought to stem a financial crisis and restore investor confidence by reversing measures that drove foreign reserves to a seven-year low.

Bonds fell and the cost to insure the South American nation’s debt against default soared to a three-month high as traders bet the move could backfire and lead to further dollar outflows. The peso dropped 1.5 percent, to 8.0014 per dollar, at 3:34 p.m. in Buenos Aires, extending its plunge this week to 15 percent, the worst selloff since a devaluation that followed the country’s record sovereign default in 2001.

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