LatinNews Daily - 22 July 2022

In brief: Argentina moves to boost US dollar reserves

*Argentina’s economy minister has announced that it will allow foreign tourists to exchange US dollars at a significantly higher rate than previously available in a bid to dissuade them from exchanging on the black market, which had offered more advantageous rates, and boost the country’s dwindling foreign currency reserves. The measure, which has been adopted by Argentina’s central bank (BCRA), will allow foreign tourists to sell up to US$5,000 in authorised places by presenting the identification document they used to enter the country and allows them to do so at the financial markets rate (MEP), which is much closer to the black market rate than the former official rate. The economy ministry also announced actions to improve the conditions of access to the foreign exchange market for the payment of imports for strategic sectors and “therefore guarantee the continuation of different productive processes”. Shortly before his resignation on 2 July, former economy minister, Martín Guzmán, had announced restrictions that limited importers’ purchase of US dollars in a bid to preserve international reserves, a move that proved unpopular with businesses.

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