Finance
A $500 Million Cash Pile at Argentina’s Main Airport Unnerves Banks
- Government ordered cargo terminal shut to stem irregular trade
- Lenders see surge in dollar withdrawals ahead of election
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Restrictions imposed by Argentina’s government last week left as much as $500 million in US cash stranded at the country’s main airport for three days, unnerving local bank executives amid a surge in withdrawals.
The country’s top lenders were due to receive the greenbacks from the US Federal Reserve after importing them through Bank of America, according to people familiar with the situation who asked not to be named discussing sensitive matters. The cash was shipped on cargo planes in bundles of $1.6 million, one of the people said.