(2 Sep 2019) Restrictions on the purchase of US dollars was being implemented Monday in Argentina in an attempt by the government to control the loss of reserves and the acceleration of devaluation. The government of President Mauricio Macri on Sunday decreed that Argentines will need authorisation from the central bank to buy US dollars in some cases and make transfers abroad as it tries to prop up its peso currency.
Lines, some several blocks long, were forming outside banks in Buenos Aires even before they opened on Monday.
Amid fears of a default, some Argentines began withdrawing their savings from banks over the past week.
"The Argentine, already from his own experience, if he doesn't sleep on top of his dollars, he does not sleep peacefully," said Martin Tigri regarding the level of uncertainly and anxiety some residents felt about the new measure.
The announcement said Argentina imposed the restriction because officials "need to adopt extraordinary measures aimed at ensuring the normal functioning of the economy, sustaining activity and employment levels, and protecting consumers."
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