After the elections the Central Bank limits dollar purchases
1 noviembre 2019

On the night of October 27, hours after Alberto Fernández triumphed in the general elections, the Central Bank tightened the limits on dollar purchases. The Bank announced that citizens would be able to buy up to 200 USD per month through a bank account, or 100 USD in cash. These limits are not cumulative and will be effective until December 2019, when the new government takes office.

The following day, the bank`s president Guido Sandleris gave a press conference in which he said that the decision was “temporary” and aims to protect the reserves amid the transition in government. “This hardening of controls takes care of the reserves and will allow the next government to have a greater degree of freedom to design its economic policy,” he said. Thanks to the move, the exchange market “will be balanced”, he added.

After the elections, the Central Bank also announced that the interest rates for the Leliqs will drop from 68% to 63%. This will apply only to banks with surplus liquidity. The goal is to induce holders in pesos to renew their term placements.