Argentina introduces currency control to prevent capital flight

Argentina slapped currency controls on businesses on Sunday to prevent capital flight after the peso lost more than a quarter of its value since primary elections last month, in its latest move to stave off a rapidly spiralling economic crisis. FT

The central bank will require exporters to repatriate earnings from sales abroad, while all companies, not just banks, must seek authorisation to sell pesos for foreign currency, after it lost $3bn in reserves on Thursday and Friday alone.

Via Financial Times