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Bloomberg
The Argentine government will impose restrictions to discourage imports in the coming days and protect reserves.
The government is seeking to avoid losing more dollars after the national statistics agency reported that the country’s trade deficit widened in July to $437 million.
Private consultants estimate that the country’s so-called net reserves — its assets on hand, minus the money it owes — shrank to less than $2 billion. To protect its reserves, the government plans to announce three measures, which include more bureaucracy or paperwork for imports, especially for services.
At present, the government requires prior authorisation for goods but not for services. The government believes that there is currently an excess demand for services, stimulated by the high exchange rate gap.
The government is considering classifying 34 imported items as “non-automatic licenses†that must be approved by the Secretary of Commerce.