Argentine gov't "starting to attend to" exchange controls, says spokesperson-Xinhua

Argentine gov't "starting to attend to" exchange controls, says spokesperson

Source: Xinhua

Editor: huaxia

2024-07-09 09:55:45

BUENOS AIRES, July 8 (Xinhua) -- Argentina's government is "starting to attend to" the country's foreign exchange controls, and it was not the right time to lift the currency restrictions, presidential spokesperson Manuel Adorni said Monday.

"We have explained on more than one occasion why the controls continue, although we are starting to attend to it," Adorni told a press conference at the government headquarters in Buenos Aires.

Adorni dismissed criticism from the political opposition that the government "is holding on" to the exchange controls and certain taxes on exports and imports, such as the "PAIS" tax on foreign currency purchases launched by the former government to pay for welfare programs.

It would have been "irrational" to rapidly lift the controls or introduce deregulation as soon as Argentine President Javier Milei took office on Dec. 10, 2023, he said.

Milei's government and the central bank announced on June 28 that they ruled out placing a deadline for lifting the exchange controls that have been in place since the end of 2019.

Economy Minister Luis Caputo said that eliminating the restrictions would be part of a third stage of Milei's economic plan, "which is going to be a stage of growth," but for which "we have not set a date."