translated from Spanish: Argentina: buying dollars will require central bank authorization

Macri launches change control measures to calm markets. The UnD (Decree of Need and Urgency) published this Sunday (1.09.2019) obliges exporters to liquidate foreign exchange on the local market and prior authorization will be required for the purchase of foreign currency in the foreign exchange place and to make transfers to the exterior. The decree, which bears the signature of the Argentine president, Mauricio Macri, was published on the official Gazette’s website.
The measure provides that until 31 December 2019, exporters of goods and services must enter and/or trade currencies in the foreign exchange market “under the conditions and deadlines established” by the Central Bank of Argentina. In addition, it states that the Central Bank will determine the cases in which foreign exchange purchases and transfers abroad will require prior authorization “based on objective guidelines based on current foreign exchange market conditions and distinguishing the situation of human beings from that of legal persons.”
The Central Bank is also empowered to establish regulations that avoid practices and operations aimed at circumventing, through public securities or other instruments, the provisions of the above. The decree alleges that “in the face of a number of factors that impacted on the evolution of the Argentine economy and the uncertainty caused in the financial markets,” the Executive “was in need of a series of extraordinary measures aimed at ensuring economics, sustain the level of activity and employment and protect consumers.” The Macri Government adopts these measures after a month of severe market turbulence following the setback suffered by officialism in the 11 August primary

Original source in Spanish