Argentina Imposes Currency Control.

ArgentinašŸ‡¦šŸ‡· Imposes Currency Controls to Support Economy*

Argentina has imposed currency controls in a bid to stabilise markets as the country faces a deepening financial crisis.

The government will restrict foreign currency purchases following a sharp drop in the peso.

Firms will have to seek central bank permission to sell pesos to buy foreign currency and to make transfers abroad.

Argentina is also seeking to defer debt payments to the International Monetary Fund (IMF) to deal with the crisis.

In an official bulletin issued on Sunday, the government said that it was necessary to adopt "a series of extraordinary measures to ensure the normal functioning of the economy, to sustain the level of activity and employment and protect the consumers".

The central bank said the measures were necessary to "maintain currency stability".

It also said while individuals can continue to buy US dollars, they will need to seek permission to purchase more than $10,000 (Ā£8,223.50) a month.

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