After the warning issued by Vice President Cristina Fernández de Kirchner about the need to control the “import festival”, which has an impact on the dollar reserves of the Central Bank of the Argentine Republic (BCRA), the Board of Directors of the monetary entity gave learn about changes to the rules that govern the foreign exchange market, reducing monthly quotas and focusing on company purchases.

In this way, the BCRA tightens the necessary conditions to access dollars in the foreign exchange market in order to pay for imports. Through Communication A 7532, it tightens the annual and monthly quotas that it applies to companies that request access to the foreign exchange market to pay for imports.

Imports of energy and medicines will not suffer restrictions and in principle the decision will be in force during the next quarter, to “give time for the normalization of foreign trade.”

Economy Minister Martín Guzmán confirmed the measure by stating that “what the BCRA is doing is adapting certain aspects of foreign trade administration policy” in search of establishing criteria for “prioritizing the use of foreign currency” before the need to “accumulate more reserves, develop the public debt market in pesos and consolidate macroeconomic policy”.

Source: Central Bank of the Argentine Republic (BCRA)