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November 23, 2014
Friday, January 24, 2014

'Change in dollar restrictions will affect reserves' - Kicillof

Economy Minister Axel Kicillof has recognised that the opening up of the exchange market for personal use could have repercussions on the level of foreign currency reserves, while condemning what he called a "strong speculative attack" which accelerated devaluation yesterday.

The politician, who accompanied Cabinet Chief Jorge Capitanich this morning as the removal of restrictions was announced, admitted that some sort of effect on the Central Bank's dollar reserves would be inevitable.

"Of course it is going to have some effect on reserves," Kicillof asserted, while explaining why the decision was taken to remove controls on currency exchange.

"[The measure] aims to create more balance in the exchange market and give the people more certainty over essential economic variables," he stated, adding that certain controls would remain.

"What we will not allow is that someone, who has not declared from where [the money] comes from, goes and takes out 2 million dollars a month," he fired.
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Tags:  Capitanich  dollar  blue  Kicillof  





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