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Argentina makes consumer financing in dollars more expensive with cards

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O presidente argentino, Alberto Fernández, na Casa Rosada, em 4 de julho de 2022.

Argentine President Alberto Fernández at the Casa Rosada on July 4,.| Photo: EFE/ Juan Ignacio Roncoroni

The Central Bank of Argentina ordered on Thursday (17) the application of a higher interest rate for financing expenses in US currency with credit cards in excess of US$

a month.

The Board of Directors of the Central Bank decided to apply the interest rate regulated by law for credit cards issued by financial institutions – a rate that currently hovers around 64% – when the account statement for the month registers a consumption of more than US$ 67 in foreign currency.

As for the financing of a statement of expenses with card in local currency of up to 200. pesos (equivalent to US$ 1.at the official exchange rate) per month, the maximum rate set by the Central Bank of 41%.

The measure seeks to discourage consumption in dollars and adds to other exchange restrictions in Argentina, which suffers from the shortage of foreign currency.

The new resolution was issued on a day marked by the decision of Argentine President Alberto Fernández , to appoint the current president of the Chamber of Deputies, Sergio Massa, as the new Minister of Economy, a portfolio that will also absorb the ministries of Agriculture and Productive Development.

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