Why was foreign currency exchange so strictly regulated in Argentina.
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Trading currencies in Argentina, is like nowhere else in the world. It is a lengthy procedure that involves spreadsheets, outdated tax codes and the need to obtain clearance from the Central Bank.
Now that the current government has decided to lift some of their currency controls, it is going to have an impact on the Forex market and Forex brokers in Argentina. Almost as soon as the restrictions were lifted the Argentine peso lost almost a quarter of its value.
This was the biggest decline since , when the peso-dollar parity was abandoned. It was an expected decline, according to leading economists, as the policy which limited the sale of US dollars had restricted imports, damaged economic growth and gave birth to a thriving black market in the Argentinian currency. In fact many tourists travel to Argentina just to experience the thrill of trading currency on the black market. But scrapping controls on currency exchange the biggest and boldest move by far.
So why has he made such a decision? Companies will be able to export again because exchange rates are much more competitive. The exports will in turn bring valuable dollars into the country, and hopefully instil some confidence in investors. It is expected that the removal of foreign exchange restrictions will also lead to increased inflation, as imports will be more expensive when viewed in terms of the local currency.
But many are saying they can weather the storm as currency controls were ruining the country and getting rid of them can only make things better in the long run. There are still a number of hurdles to overcome before Forex brokers in Argentina are seen as the norm. The country has suffered many ups and downs throughout history, and this looks set to continue. Nevertheless, we will be keeping a close eye on developments in the country, and aim to keep you informed of any future developments. Argentina Forex Brokers Investors looking to enter the world of Forex trading can do so wherever they may live in the world.
Why was foreign currency exchange so strictly regulated in Argentina Tight exchange controls were introduced in Argentina in , after ten years of economic deregulation. As one of our large corporate or institutional customers you have access to detailed economic and industry specific research. We offer a comprehensive range of FX products including over 47 currencies, currency pairs and 40 FX Option combinations. CommBiz Markets offers a convenient way to access money market investments and conduct foreign exchange transactions online.
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