ANNOUNCEMENT 06 May 2012In May 2012, the government of Argentina announced a rule change for commercial cross-border financial flows.
NUMBER OF INTERVENTIONS
Boletin Oficial de la Rep?blica Argentina ; Resoluci?n General No. 3356 of 06.08.2012 (Spanish Available) :
On 6 May 2012, the Federal Administration of Public Investments announced that Argentinian citizens would no longer be allowed to buy dollars to travel abroad. As specified in the Official Gazette, individuals traveling abroad are now only allowed to buy the currency in circulation in the country of destination. This means that citizens can no longer acquire US dollars unless they travel directly to the US.
This measure is in line with other restrictions implemented by the Argentinian government to reduce capital outflow and ease the downward pressure on the peso in the currency exchange market. This measure is included in the GTA database for the following reason: as much international trade is conducted in US dollars and where suppliers demand payment in US dollars, then this measure restricts access to the very currency that persons located in Argentina need to import goods.