Argentina’s Central Bank announced on Monday morning that any foreign exchange operations in the official currency market would require “prior approval,” meaning that the day will, in practice, be an exchange holiday.
Central Bank sources told the Herald that the institution’s new authorities have yet to take office and the resignations of the outgoing administration have yet to be accepted. For that reason, the current Central Bank president, Miguel Pesce, will continue to serve until the arrival of Santiago Bausili, who is new Economy Minister Luis Caputo’s man.
“The measure was passed in order to give the Executive Power time to comply with the administrative procedures to consolidate the new authorities and implement the policies it will pursue,” the Central Bank wrote in a statement.
The procedure to operate in the official exchange market on Monday will require the AFIP tax bureau and the Central Bank board to give prior approval to all operations, something which in practice will not happen because there are no functionaries working there yet, sources told the Herald.
The decision was taken by the Central Bank in the face of the situation this Monday, in which the resignations of the outgoing team have yet to be accepted and the incoming authorities have not yet arrived to take over.