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Weekly Report - 30 January 2014 (WR-14-04)

ARGENTINA: Steady start to relaxation of currency controls

Faced with a steep acceleration in the rate of the devaluation of the peso, and a consequent fall in foreign exchange reserves, on 24 January the Argentine government decided to relax some of the currency controls that, until now, had formed a key part of its heterodox economic policies. Making the announcement on a Friday suggested the government was just as nervous as the rest of Argentina about the reaction of the markets. But despite the confused execution of the policy, its limited scope has meant that so far there has been no serious collapse in the value of the peso.

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