The Argentine Monetary Authority has imposed new restrictions on various forms of international credit card transactions. They have set a maximum spending limit of $50 for gambling and wagering services.
These modifications were declared on October 31st and came into force on November 1st.
The cap for transferring funds to payment platforms such as PayPal, investment accounts outside Argentina, and purchasing foreign currency and digital currencies is also $50.
The aim is to curb the outflow of the central bank’s foreign currency reserves and prevent the Argentine peso from further depreciation. There is concern that the election outcomes could result in a depletion of reserves.
On October 27th, Alberto Fernández, a Peronist, triumphed over the incumbent president, Mauricio Macri, in the presidential election.
The peso plummeted after the primary election results indicated Fernández would prevail. Individuals were apprehensive that Fernández would terminate Macri’s more market-oriented policies.
In early 2019, the Argentine Peso was valued at approximately two US cents.
This decline in worth significantly impacted businesses dependent on Argentina, such as Codere. Codere previously generated the most revenue in Argentina, but it is now their third largest market. This could potentially lead Standard & Poor’s to assign Codere a lower rating, possibly a “B-“.
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