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Argentina Foreign Exchange Rejection Rate Low, Tax Chief Says

Argentina’s new online system for determining whether individuals are authorized to buy foreign currencies rejected 10 percent of applicants yesterday and about 3.6 percent today, tax agency chief Ricardo Echegaray said.

There were 12,837 online requests to buy foreign currency today and 459 were rejected, Echegaray told reporters in Buenos Aires.

Officials at Banco Piano SA in Buenos Aires yesterday said the rejection rate at their bank was about 80 percent.

To contact the reporter on this story: Silvia Martinez in Buenos Aires at smartinez19@bloomberg.net

To contact the editor responsible for this story: Bill Faries at wfaries@bloomberg.net

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