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Buenos Aires — Argentina As the central bank seeks to protect its low levels of foreign exchange reserves on Monday, it has strengthened importers' access to the foreign exchange market, including buyers of luxury products such as luxury cars and private jets.
Banking and Economy Minister Martin Gusman said import costs are skyrocketing and will strengthen the automatic licensing of importers to access the FX market. However, it will be easier for small and medium-sized enterprises (SMEs) to access.
"The logic of this is to prioritize the use of foreign currency to enhance the ability to accumulate reserves," Guzmán said in an interview with Radiocon Vos. ..
In Argentina, where strict capital regulations have been enforced since 2019, May imports increased by 53.1% and energy costs increased. Meanwhile, exports increased by 20.7%. This is because the country is concerned about accumulating foreign currencies. Reserve.
The central bank said it had adapted a foreign trade payment system "to sustain economic growth and the development of SMEs, to meet the extraordinary needs of foreign currencies to meet energy imports." rice field.
In the first five months of this year, energy imports surged 205% compared to the same period in 2021, reaching a total of $ 4.64 billion, Guzmán said.
(reported by Eliana Raszewksi; edited by Adam Jordan and Bernadette Baum)
