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Argentina prepares to limit imports due to lack of foreign exchange – source

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News Tech: BUENOS AIRES, Aug 23 (Reuters) – Argentina’s government will launch three measures in the coming days aimed at restricting imports and preserving the central bank’s dwindling foreign currency reserves, a source told Reuters on Tuesday.

“Smoother coordination is required between (Argentina’s tax collection entity) AFIP, Customs and Commerce, with measures aimed at ordering imports, taking care of the Argentine central bank’s dollars and avoiding abuses,” said the source, who asked not to be identified.

The measures come as new data on Monday showed a trade deficit in July of $437 million, the second deficit in a row for Latin America’s third-largest economy.

Argentina’s exports in the first seven months of the year increased by 22.4% compared to the same period in 2021, while imports jumped 44.6%.

The government also contemplates making companies that import services such as software or consultancies enter an advanced declaration scheme.

In the first half of the year, Argentina imported services worth $5 billion. President Alberto Fernandez’s administration will also seek to curb imports of 34 goods, including slot machines, yachts, luxury planes and cryptocurrency mining machines, by incorporating them into a non-automatic licensing scheme, which requires prior authorization.

RegisterReporting by Eliana Raszewski; Additional reporting by Jorge Otaola
Editing by Marguerita Choy Source: Reuters Trust Principles.

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