LatinNews Daily - 29 October 2021

In brief: New move to attract US dollars in Argentina

* Argentina’s central bank (BCRA) has announced that foreign tourists visiting Argentina will be able to open a dual currency savings account giving them access to financial services and electronic means of payment, a measure which seeks to attract foreign currency to the country. Tourists will be able to open the Argentina-based account remotely or upon arrival, using their passport or travel document, and use it to carry out card or digital payments in Argentine pesos as well as take out cash in the local currency. This ‘savings account for tourists’ will be linked to a permanent account in the tourist’s country of residence; it will be credited via transfers from the account in the country of origin or cash deposits in US dollars, up to a maximum US$5,000. The BCRA has said that the creation of this new type of tourist account has been made in compliance with the norms and recommendations of the Financial Action Task Force (FATF) so as to avoid it being used for money laundering purposes.

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