Argentina restricts US dollar purchases as its currency crisis escalates

The central bank of Argentina has imposed restrictions on U.S. dollar (USD) purchases in an effort to revive its plunging currency, the Argentine peso.

Individual Argentineans will now be limited to USD purchases of $10,000 a month, according to a statement published by the central bank on Sunday. Any amount beyond the limit will require special permission.

Additionally, exporters are required to liquidate their foreign exchange (forex) earnings in the local market within a deadline of five days. And no companies will be allowed to accumulate U.S. dollars.

These measures aim to “maintain exchange stability and protect savers,” said the central bank.

Last month, the Argentine peso tanked over 30% relative to USD, as the country’s president Mauricio Macri lost a primary election. Local stocks and bonds also experienced a severe crash.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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