Argentina tightens rules on dollar purchases

flyingdollars

The Central Bank of Argentina on Monday tightened controls on dollar purchases, citing the need for greater transparency in the foreign exchange market.

Under the new rules, foreign exchange sellers must verify purchases of more than $250,000 a year against affidavits on the buyer's income. The central bank said also that transactions above $20,000 a month would have to be carried out through bank accounts rather than cash.

The measures were leaked in the Argentine media on Saturday and Sunday,

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