Argentina Ends Forex Controls
World Economy

Argentina Ends Forex Controls

Argentina’s national currency has plunged after a government move to scrap foreign exchange restrictions in place since 2011, DW reported. The devaluation came as a shock to many, but analysts hoped for long-term benefits. Argentina’s peso plunged about 30% of its value against the greenback at the start of trade on Thursday a day after the government had announced it would float the currency as part of a larger package of measures to crank up free-market reforms. The peso’s plunge was the biggest one-day devaluation of the country’s national currency in decades and shocked average consumers as they saw their purchasing power fall rapidly within hours. Experts said the big winners of the devaluation were farmers in the Pampas grains belt who would start getting paid in stronger US export dollars. Argentines were set to buy dollars denied to them by the former government since 2011 when policymakers clamped down on access to the greenback in a bid to protect central bank reserves.

Short URL : http://goo.gl/esSGJS
  1. http://goo.gl/i7W3BT
  • http://goo.gl/1prRP2
  • http://goo.gl/IQpmZF
  • http://goo.gl/0oOiUg
  • http://goo.gl/fBTxsF

You can also read ...

More and more Thai merchants are integrating WeChat Pay and Alipay’s systems to cater to tourists.
The internet has changed the way most people live. Through...
Cambodia’s economic outlook remains positive, but is subject to downside risks.
The IMF Managing Director Christine Lagarde expressed optimism...
More India Bank Frauds Revealed
Over 25,800 fraud cases involving about Rs179 crore ($1.79...
Qatar Calls to Investigate UAE Bank’s Bogus Deals
Qatar has asked US regulators to investigate the US subsidiary...
Free trade achieves more good for the planet.
US President Donald Trump’s steel tariffs have brought the...
Morocco Currency Reform on Right Track
Few weeks after the launch of the gradual dirham float, the...
EU Readies Tax on US Technological Titans
The European Union will next week unveil plans for a digital...
Apparel imports from ASEAN are growing, spurred by low labor costs  in such countries as Vietnam.
Import prices for apparel and daily goods in Japan plunged...