BUENOS AIRES, Argentina (AP) -- The Argentine government is announcing plans to lift deeply unpopular restrictions on buying U.S. dollars that have created a booming black market in the South American nation.
The move, a campaign promise of new President Mauricio Marci, was announced Wednesday in a statement from the finance ministry. The statement says details will be divulged at a news conference after the markets close later in the day.
Attempting to shore up dwindling reserves, in 2011 the administration of former President Cristina Fernandez instituted restrictions on the buying of foreign currency.
The limits, locally called a "cepo," or "clamp," have created dual exchanges rates. Over the last year, while the official exchange rate has been 9 pesos to the dollar, on the black market dollars have fetched as much as 16.