New tariffs and buy pesos says President
Argentina’s President Cristina Fernández de Kirchner has imposed new import tariffs on capital goods according to a Reuters report.
The report states that companies importing capital goods when they could be buying Argentinian equivalents will be charged a new 14% tariff. Duties on imported goods that cannot be exchanged for Argentinian products will be charged a 2% levy from 1st July.
The move is supposed to protect local industries which have been suffering in recent months. However, the decision affects many Argentine traders and has annoyed Argentina’s trading partners in South America and beyond.
Yesterday the president also urged Argentinian to exchange their dollars for pesos and said that she would be transferring her dollar savings accounts to pesos accounts. Meanwhile the Central Bank has been buying up all the spare dollars to build up foreign reserves used to make debt repayments.