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Argentina Announces Tighter Controls on Dollar Sales

Oct. 28 (Bloomberg) -- Argentina will require banks and foreign exchange houses to verify information about individuals who seek to buy dollars, Economy Minister Amado Boudou said.

“This measure doesn’t change the amounts or methodologies, it is just a way of verifying a person’s economic and financial status,” Boudou told reporters in Buenos Aires today.

The government isn’t worried about capital flight and all Argentines who have wanted to buy dollars have been able to do so, Boudou said. The central bank, which has seen reserves fall to $47.6 billion from a record $52.6 billion in January as it defends the peso and pays debt, has the ability to manage the exchange rate, he added.

The new measures will take effect Oct. 31, Boudou said.

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

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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