Argentina has lifted its exchange rate controls however the 30% tax surcharge on foreign currency purchases including those related to tourism operations will remain in place.
The Argentine Government announced the elimination of almost all exchange restrictions, within the framework of the confirmation of a new agreement with the IMF, the International Monetary Fund and the end of the exchange clamp establishes the elimination of the limit of $200 for the purchase of dollars at the official exchange rate.
As reported by REPORTUR.com.ar the "exchange clamp" that allowed Argentines to buy $200 as savings was established in 2019, when the presidential elections were held that gave Alberto Fernández as the winner and since that date it had not been modified at any time.
The 30% tax surcharge on foreign currency purchases, often referred to as the "tourist dollar” or "Pais Tax" will continue to apply to various transactions, including those related to tourism operations and credit card purchased abroad.
The Government's reason for maintaining the surcharge is likely to discourage excessive foreign currency purchase and helping to stabilize the Argentine Peso.
Some economists believe that maintaining this tax has a collection purpose, since June 2024 the Central Bank has had a current account deficit.
With this decision the economic team seeks to unify the different exchange markets, and in this sense he communicated a new system of gloating the exchange rate within moving bands.
They will initially be between $1.000 and $1.400, and then have monthly adjustments of 1% and it is expected that the official dollar will settle closer to the ceiling of the band, in values close to the financial dollar.
No comments:
Post a Comment
Thanks a lot to read and note.