April 16, 2014
Tuesday, December 3, 2013

Capitanich says levy is to stem 'currency drainage'

Cabinet chief Jorge Capitanich addresses reporters at the government house

The Cabinet Chief defended the government’s decision to hike the levy on credit and debit card purchases abroad saying the move aims at controlling the dollar “drainage” fueled by “tourist operations.”

“There is a drainage of currency prompted by tourist operations. We have to be careful in the administration of reserves to strengthen the growth of the economic activity,” Capitanich told reporters at the government house earlier this morning.

A resolution by the AFIP tax bureau increased the 20 percent high premium Argentineans were forced to pay when travelling abroad to 35 percent. According to the head of ministers, the new limit is a “payment on account” while estimating the foreign exchange market will tend to “normalize.”

In his everyday address to the press at the Casa Rosada presidential palace, the cabinet chief also announced Planning Minister Julio De Vido will be going on a mission to Russia, China and Brazil to analyze 15 infrastructure projects that will account for 20 billion dollars in foreign investment.

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Tags:  Jorge Capitanich  dollars  currency  levy  credit card  reserves  

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