Argentina’s Fernandez to Decide on ‘Pesofication,’ Cronista Says

Argentine President Cristina Fernandez de Kirchner will decide in coming days whether to support legislation that would force all financial transactions to be carried out in pesos, newspaper El Cronista reported, citing Agustin Rossi, the leader of Fernandez’s Victory Front alliance in the lower house of Congress.

Lawmaker Edgardo Depetri on June 7 presented a bill that would force all contracts, including real estate transactions that are normally done in dollars, to use the peso in future. The legislation wouldn’t affect dollar bank deposits or existing contracts.

While Alliance lawmakers support the bill, the administration is still analyzing it, Rossi said. according to the report.

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