Imposed foreign exchange restrictions imposed by Argentina resulting in the blotting of the peso since 2011 has been lifted.
The Argentine finance ministry announced the decision that currency exchange control is now revoked. This announcement came after 6 days from the election of President Mauricio Macri who is pro-business. Macri promised reforms will be made for this Latin American country. During his campaign, Macri said that he will put a stop to the foreign exchange restrictions.
The USD is now 9.78 Argentine pesos as the official rate but in the black market the rate goes as high as 15 pesos.
This Latin American country has been on economic difficulties with a high inflation rate forecast of more than 25% this year. Economists believe that the inflation can reach as high as 35% by 2016 if nothing will be done by the government.
The new Argentine administration targets to restore business investor trust and confidence and refill the foreign currency reserve of the country that has fallen below $25 billion.