BUENOS AIRES (Reuters) – Argentina’s central bank announced on Friday that it will ease its foreign exchange market controls, allowing the peso to freely fluctuate within a moving band of between 1,000 and 1,400 pesos per dollar.
The move, which comes as the peso closed at 1,074 per dollar, tears down Argentina’s strict capital controls, that have largely been in place for nearly six years.
The announcement comes ahead of an expected $20 billion deal with the International Monetary Fund.
Argentina will also eliminate the so-called “dollar clamp”, that restricted access to foreign currency, the central bank added in a statement.
(Reporting by Maximilian Heath, Adam Jourdan and Anthony Esposito; Editing by Aida Pelaez-Fernandez)
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