Argentina will not take back the millions of Pesos that thousands of tourists spend in neighbouring Uruguay during the summer season. That was the reply to a request from Uruguay’s largest bank branch in the City of Buenos Aires, according to banking sources in Montevideo.
Argentina’s central bank estimates that the country’s economy will expand 9% in 2011, above the central government forecast of 8.3%, according to the latest quarterly report released this week.
Argentina’s Economy Minister, Amado Boudou, came on stage again on Tuesday to bring calm to markets Monday’s debut of the very strict measures in the foreign exchange market strongly limiting the purchase of US dollars.
Argentine Vice-president elect and Economy Minister Amado Boudou reiterated Monday that the new rules for foreign currency purchase in effect as of today are aimed towards discovering the “origin” of funds as opposed to the “destination” of the money.
Argentina’s tax revenue office (AFIP) will validate from Monday onwards the people or enterprises that purchase currencies at the foreign exchange markets in order to control if they have the funds to do it and end with the irregular transactions, Economy Minister Amado Boudou announced Friday.
Argentina has stopped the import of high-class luxury cars and redoubled efforts to convince companies with no assembly plants in Mercosur to reduce imports and reach export agreements with Argentine auto parts industry.