December 9, 2013
Gov't relaxes foreign exchange controls in post-elections move
With results of the legislative elections confirming Victory Front's defeat in key electoral districts such as the province of Buenos Aires, the government decided to relax foreign currency controls for tax obligations and the purchase of industrial and technological equipment by local companies.
657 and 661 resolutions –that were published today in the official gazette, signed by Economy Minister Hernán Lorenzino-, exempts foreign capitals from a 2005 obligation that demanded a 30-percent deposit during a year.
Now “the Central Bank of the Republic of Argentina considers current context differs substantially” from such financial scenario thus deciding “reasonably” to relax currency controls.