Argentina tightens import controls to keep dollar sources

Argentina tightens import controls to keep dollar sources

Buenos Aires: Argentina will more closely control import approvals to prevent fraud and maintain US dollar reserves. An economic ministry source said on Saturday.

 

The new system will include checking that the size of the importer’s request is consistent with its financial resources. Argentina tightens import controls to keep dollar sources The source said importers had to designate only one bank account for foreign trade and a more precise deadline for purchasing hard-currency importers from the central bank.

 

The government will release a detailed resolution in the coming days. and will take effect on 17 Oct.

 

“This is to organize the system and avoid anything wrong,” said a source familiar with the plan.

 

with limited reserves of the US Federal Reserve The government wants to ensure that hard currency is used for approved imports that increase domestic output.

 

The central bank reported Thursday that its reserves stood at $36.55 billion.

 

Read more: India sells dollars After the rupee hit a record low

 

in Argentina The dollar is 88% more valuable than the Argentine peso in alternative financial markets. more than the official rate used to pay for the import This has attracted some importers to overcharge or duplicate approval requests. One source said.

 

“From this gap Access to the dollar in the official market is very attractive. This causes unnecessary stockpiling plans,” said the official, who asked to remain anonymous. “Some importers are improperly trying to get as much merchandise as possible using official dollars.”

 

This new system will allow small and medium-sized companies to shorten the time for import payments from 180 days to 60 days.

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