Argentine Importers Say Permits Being Delayed to Shield Reserves

Argentina is extending the time it takes to approve import permits in an effort to shore up central bank reserves that have dwindled to a six-year low, according to Argentina’s biggest importers’ association.

“Imports have become the variable of adjustment of this model of currency restrictions,” Miguel Ponce, an official at Cira, which represents companies that account for 80 percent of the country’s imports, said in a telephone interview from Buenos Aires. “The most affected by these delays are workers, small and medium-sized companies and industrial production, as the lack of parts and machinery is causing a decline in some industries.”