The International Monetary Fund said it will stand by Argentina after the govern...
BUENOS AIRES - The International Monetary Fund said it will stand by Argentina after the government authorized currency controls on Sunday in an about-face by President Mauricio Macri, who had previously lifted many protectionist practices of his predecessor, Cristina Fernandez de Kirchner.
The measure means companies will need permission from the central bank to access the foreign exchange market to purchase foreign currency and make transfers abroad. “Staff will remain in close contact with the authorities in the period ahead and the Fund will continue to stand with Argentina during these challenging times,” the spokesman said.
The central bank has burned through nearly $1 billion in reserves since Wednesday in an effort to prop up the peso. But the intervention did not have the desired impact and risk spreads blew out to levels not seen since 2005, while the local peso currency extended its year-to-date swoon to 36%. “Trade is not restricted. There were restrictions before, but there are none now,” said a source familiar with the new central bank measure.
A team from the IMF was in Argentina last week to meet with government and central bank officials, as well as Fernandez and his economic advisers.Worries over Argentina’s ability to meet its dollar-denominated debt obligations have increased since the Aug. 11 primary.
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