Macroeconomy/Finance

Argentina imposes 35 % tax on foreign currency purchases to stave off hoarding

Argentina on Wednesday unveiled a new 35 percent tax on foreign currency purchases to prevent the public from hoarding U.S. dollars in the face of a weak peso. The Government said it would tighten currency controls to dampen the demand for U.S. dollars. Previous restrictions remain in place, including limiting citizens to buying no more than 200 U.S. dollars a month. The new tax does not apply to spending on healthcare, medication, books in any format, online education and software for educational purposes.

Source: Xinhua.net