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Argentine Ban on Dollar Savings Is Temporary, Pagina/12 Says

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July 6 (Bloomberg) -- Argentina’s ban on individuals buying dollars for savings is temporary, central bank President Mercedes Marco del Pont said in an interview with newspaper Pagina/12.

The bank “temporarily” prohibited dollar purchases for savings to prevent an abrupt change in the exchange rate and capital outflows, Marco del Pont told the Buenos Aires-based daily. The global economic crisis generated uncertainty that led savers to try to convert peso savings into foreign currencies, Marco del Pont said, according to the report.

The central bank yesterday issued a list of acceptable reasons for foreign currency purchases, including travel and mortgages, that will be granted before Oct. 31. Real estate transactions will have to be made in pesos starting in November, Pagina/12 cited Marco del Pont as saying.

To contact the reporter on this story: Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net

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

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