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Argentina lifts currency controls, Peso to float

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Argentina’s new Finance Minister Alfonso Prat Gay announced Wednesday that the government is lifting a series of capital restrictions known as “cepo” and it will allow the Peso to float in and administrated range (dirty float).

    Along with this measures, Prat Gay said there will be an “unique” exchange rate for all economy operations. The government also removed most taxes on exports, except for soybeans.

    Analysts expect the official exchange rate, currently around 9.8 pesos to the dollar, to eventually weaken to closer to 15, which was the value of the black market known as “blue”. This will lead to the largest currency devaluation since the 2002 Argentinian crisis.
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