The Argentine government ended the exchange control system that had been in place since 2011, opening the door for the devaluation of the peso.
The Buenos Aires decision was formalized at 18 pm local time (22 pm Italian time) and is intended to be a tool for relaunching the Argentine economy, which coexists with inflation estimated by analysts at 25% for this year and expected to exceed 35% in 2016.
The reintroduction of the free exchange rate between the dollar and the peso was among the campaign promises of Mauricio Macri, elected president of Argentina last week.
The dollar/peso exchange rate was fixed four years ago at 9,78 on the official market, but it was 15 on the unofficial one.
The control system, established by President Cristina Kirchner, provided for restrictions on the purchase of dollars by savers and government authorizations to change the local currency, but above all restrictions for the multinationals present in Argentina in transferring profits to the country of origin .
