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Argentina prevents those receiving state subsidies from buying dollars

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Casa de câmbio em Buenos Aires: cerca de 7,5 milhões de argentinos se registraram desde o mês passado para manter subsídios nas tarifas públicas

Exchange bureau in Buenos Aires: around 7.5 million Argentines have registered since last month to maintain subsidies on public tariffs| Photo: EFE/Matías Martín Campaya

The Central Bank of Argentina decided this Thursday (09) prevent those who receive state subsidies on utility tariffs from accessing the foreign exchange market to buy dollars and other foreign currencies.

“Users who benefit from the subsidy on public service tariffs do not will be able, while maintaining this benefit, to make purchases of foreign currency”, said the institution in a statement.

The management of the Argentine Central Bank decided that users of natural gas, electricity and potable water, while receiving state subsidy on the tariffs of some or of all these services, they will not be able to access the official market or carry out transactions with securities and other values ​​with settlement in foreign currency.

In August, within the scope of policies aimed at reducing the fiscal deficit by reducing the burden of subsidies paid by the State, a register of consumers who requested the continuity of subsidies in their utility bills. About 7.5 million users have been registered.

Argentina faces serious macroeconomic imbalances, both fiscal and monetary, with high inflation, low monetary reserves and recurrent exchange rate shocks.

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