Argentina will regulate import authorizations more closely in an effort to prevent fraud and preserve reserves of U.S. dollars, Economy Ministry sources said on Saturday, Trend reports citing Reuters.
The new system will include verification that the size of an importer's request is consistent with its financial resources; requiring importers to designate only one bank account for foreign trade and more precise timing for importers' purchases of hard currency from the central bank, the sources said.
The government will publish a detailed resolution in the coming days and it will take effect on Oct. 17.
"This is to bring order to the system and avoid irregularities," said one of the sources familiar with the plan.
Given limited central bank reserves of U.S. dollars, the government wants to make sure that hard currency is used for approved imports that increase domestic output.
The reserves stand at $36.55 billion, the central bank reported Thursday.