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Argentina aims to eliminate remaining currency restrictions in coming months

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Argentina aims to eliminate remaining currency restrictions in coming months

Argentina plans to remove its remaining currency controls inthe coming months, Bloomberg News reported, citing President Federico Sturzenegger.

At a press conference, Sturzenegger reaffirmed hiscommitment to a floating currency and said the central bank will only intervenewhen it sees "unjustified" moves in the currency market.

Argentine President Mauricio Macri most of the country's capitalrestrictions shortly after assuming office in December 2015. However, somelimits imposed by the previous government are still outstanding, according tothe report.

Analysts estimate that the Argentine peso, which has tumbled8.4% so far in 2016, will drop a further 14% by the end of the year, Bloombergreported.

"We are set on lowering inflation significantly in thesecond half of the year, and that for us is the strongest guarantee not only ofgrowth in demand and employment but also to permit growth in the long-term,"Sturzenegger was quoted as saying.