Argentina

On Monday, the central bank of Argentina ordered an adaptation of its foreign trade payment system which will put new limitations on import companies’ access to the foreign exchange market. The central bank explained in a statement that the decision is aimed at “responding to the extraordinary needs for foreign currency to meet energy imports, with the purpose of sustaining economic growth and the development of SMEs, while preventing speculation on imports”. The measures will be in effect for three months and will apply mainly to imports made under non-automatic import licenses, as well as to the import services, to give time to the normalization of foreign trade.