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.
The Sunday landslide victory of President Cristina Fernandez means the coalition she leads has regained control of both houses of Congress (lost in the 2009 debacle) and with a sufficient majority to work with its own quorum.
President Cristina Fernandez was re-elected in a landslide Sunday, winning with the widest victory margin in Argentina since the recovery of democracy in 1983. At midnight and with 58% of polling stations reporting CFK had 53% of the vote with runner up Socialist Hermes Binner collecting 17.7%.
Argentine Economy Minister Amado Boudou urged countries in the region to “seize the opportunity created as a result of the crisis affecting developed nations and implement their own solutions.”
Nicolas Eyzaguirre, the IMF director for Latin America, stated that Argentina must apply “major measures” to improve its method of measuring the inflation.
Economy Minister Amado Boudou rejected the possibility that Argentina launches a brusque devaluation of its currency to make exports more competitive and insisted Argentina needs no emergency or contingency plan to face the challenge of the current crisis in the developed economies.
On Sunday, Cristina Fernández de Kirchner will be seeking approval to lead the FPV in October’s general elections. With the country currently braving the world’s economic storm, she is keen to keep up appearances.
Argentina’s Minister of Economy and President Cristina Fernández de Kirchner running mate for the upcoming presidential elections Amado Boudou stressed Tuesday that the country is ready to face the recent international economic crisis that has pushed world markets down for the past week.