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Argentina axes forex restrictions, devaluation looms

The dollar is currently worth less than 10 Argentine pesos at the official rate, but nearly 15 pesos on the black marketArgentina’s new government scrapped foreign exchange restrictions Wednesday, allowing citizens and companies to buy dollars freely for the first time in four years and setting up a potentially painful devaluation. The move comes six days after pro-business President Mauricio Macri took office promising deep reforms for Latin America’s third-largest economy, which is facing warnings of a recession next year. Finance Minister Alfonso Prat-Gay told journalists the country is “normalizing” after years of forex controls he said “drowned the economy” under left-wing president Cristina Kirchner.

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