In Argentina a currency crisis led the government to mandate that companies needed permission from the central bank to purchase foreign currency and exporters needed to liquidate any foreign exchange earnings within five days. This is an example of a(n) _______.

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juiceyj57 juiceyj57

22-07-2022
Business

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In Argentina a currency crisis led the government to mandate that companies needed permission from the central bank to purchase foreign currency and exporters needed to liquidate any foreign exchange earnings within five days. This is an example of a(n) _______.

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Tundexi Tundexi · Answer 1 · 2022-07-29T19:38:35+02:00

An example of currency control is used when the Argentine government mandated that all companies needed permission from the central bank to purchase foreign currency and exporters needed to liquidate any foreign exchange earnings within five days.

What is a currency control?

Also known as foreign exchange controls, it refers to those forms of controls imposed by a government on the purchase/sale of foreign currencies by residents.

This control also extends to the purchase and sale of local currency by nonresidents or the transfers of any currency across national borders.

Hence, the practice of currency control is used when the Argentine government mandated that all companies needed permission from the central bank to purchase foreign currency and exporters needed to liquidate any foreign exchange earnings within five days.