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Argentina's central bank partially eases currency control with new measure

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Argentina's central bank partially eases currency control with new measure

Marking a slight relaxation of its recently implemented currency control, Argentina's central bank said that it will allow some companies to access the Argentine exchange market.

In a Sept. 24 statement, Banco Central de la República Argentina said that companies that were able to renegotiate debt expiring prior to Aug. 30 will be allowed to refinance that debt through the issuance of new bonds. In turn, the central bank will allow the companies to use the exchange market to repay the maturing obligations.

The change will allow the companies to pay new bonds in dollars, something that was not allowed previously since these instruments would be issued with a date after the control's formation, according to an El Cronista report.

Argentina's newly established currency control looks to contain market volatility by requiring traders to hold on to foreign currency for at least five days before investing them in bonds. Previously, bonds could be purchased via foreign currency and then be sold immediately at a favorable exchange rate.