Argentina is to relax its strict foreign exchange controls, a day after the peso suffered its steepest daily decline in 12 years.
Cabinet chief Jorge Capitanich said the country would reduce the tax rate on dollar purchases and allow the purchase of dollars for savings accounts.
The measures would take effect from Monday, he said.
On Thursday, the peso fell 11% against the dollar, its steepest fall since the country’s 2002 financial crisis.
The central bank had been acting to support the waning currency amid a loss of investor confidence in the country. But the bank abandoned this policy on Thursday, sparking the peso’s fall.
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