The Argentine government announced today a sweeping overhaul of its foreign exchange regime, set to take effect on Monday, including the end of currency controls and the introduction of a managed float within a fixed exchange rate band. The move marks the beginning of what authorities are calling “Phase 3” of their economic program.
The blue exchange rate between the Argentine peso and the US dollar closed Friday at AR$ 574 while the Central Bank (BCRA) continued buying foreign currency to feed its dwindling reserves, it was reported in Buenos Aires.