Argentina vetoes installment purchases abroad to contain the outflow of dollars

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The Central Bank of the Republic of Argentina (BCRA) decided to ban the installment payment of purchases made abroad, in another effort to contain the outflow of dollars from the country and mitigate the recent devaluation of the Argentine peso.

In a statement, the monetary authority informed that, as of next Monday (4), credit card operators and financial service providers will be able to authorize purchases outside the country only in cash. The measure should contain foreign consumption, as the Latin American nation faces a series of economic difficulties.

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Since the beginning of the year, the dollar has advanced more than 20% against the Argentine peso, quoted at 125,453 pesos on Friday (1st). Buenos Aires has limited reserves of international currencies, in a scenario of high inflation and monetary tightening. At the end of last month, the International Monetary Fund (IMF) approved the immediate disbursement of around US$ 4 billion to the country.

Source: CNN Brasil

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