Argentina’s central bank eases currency controls for service exporters
BUENOS AIRES, June 2 (Xinhua) — The Central Bank of Argentina on Thursday announced a relaxation in currency controls for individuals and companies that export services, a move designed to strengthen different sectors of the economy and speed up the accumulation of reserves.
The decision benefits, above all, self-employed workers in the knowledge economy, who will be able to receive up to 1,000 U.S. dollars per month, without having to convert the dollars into Argentine pesos in the exchange market.
“The benefit extends to companies in the sector that will have unrestricted access to foreign currency for a percentage of the increase in foreign sales they make this year compared to 2021,” the bank said.
The measure covers exports of services linked to telecommunications, information technology, use of intellectual property, research and development, advertising and marketing, and audiovisual, cultural and recreational services.
It also includes maintenance and repair, construction, legal and accounting services, and commercial, architectural, engineering and health services.
Days ago, the Argentine government announced a similar measure benefiting companies in the energy sector, with the aim of increasing the production of crude oil and gas.
Currency controls began to take effect in Argentina in September 2019 and were consolidated at the end of October that year, in a bid to stem high volatility and declining international reserves.