REUTERS
Just days after her landslide victory...President Cristina Fernandez has ordered oil, gas and mining companies to deposit ALL their export revenue on the local foreign-exchange market...because central bank reserves have dwindled from recent capital flight.
The central bank has been forced to sell billions of dollars on the currency market since August to stem the peso's losses.
Some economists estimate that Argentina has suffered at least $73bn capital flight in the past 4 years...and $20bn so far in 2011.
Previously...oil and gas firms had only been required to repatriate 30% of their export revenue in dollars...while miners had no requirements.
Popular Posts
- BRASIL: FIFA Ponders Guns Swap For World Cup Football Tickets; Lula's Tumor 75% Reduced.
- PERU: Chaos Reigns In Lima's Streets With Unregulated Taxis And Ancient Buses.
- MEXICO: Guapo But Bobo...PRI's Pena Nieto Still Leads To Succeed Prez Calderon.
- FRANCE: Angry Basque Force Sarkozy To Hide In Bar.
- Wall Street Journal Profiles Mexico's notorious "El Chapo."
- SERBIA / LIBYA : Are Serbian Mercenary Pilots Bombing Protestors In Tripoli?
- CHILE: 16 Jan. UPDATE: Camila Vallejo Interviewed; May Run For MP As Communist.
- ARGENTINA / RUSSIA / BELARUS/ UK : Olympics News...Sort Of.
- RUSSIA : C.Bank Lowers Benchmark Interest...to 8%.
- HUNGARY / EU : 13 Mar UPDATE: PM Orban's State Banks Proposal Disturbs Brussels; 'Orbanomics' Analysed.