Argentina Eases Foreign Exchange Controls

Will come into effect on Monday

Argentina is to relax its strict foreign exchange controls, a day after the peso suffered its steepest daily decline in 12 years.

Cabinet chief Jorge Capitanich said the country would reduce the tax rate on dollar purchases and allow the purchase of dollars for savings accounts.

The measures would take effect from Monday, he said.

On Thursday, the peso fell 11% against the dollar, its steepest fall since the country's 2002 financial crisis.