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Argentine central bank raises limit for banks' US dollar net holdings

Banco Central de la República Argentina set a 25% maximum limit for banks' net position that can be denominated in U.S. dollars or foreign currency, a hike of 10 percentage points.

The calculation of the banks' computable equity liability will be based on a monthly average of daily balances from the previous month, according to the central bank's ruling issued on Dec. 23.

The dollar-limit increase is a part of the Argentine government's push to simplify the foreign exchange market, El Cronista reported, and also aims to counter money laundering in the country.

Article amended at 2:55 PM EST on Dec. 28, 2016 to clarify the central bank regulation applies to banks' net foreign currency position.