Rolling coverage of the latest economic and financial news * Argentina resorts to currency controls as crisis builds * Firms and individuals face restrictions * Move comes after peso slumped 25% in August * What the papers say * Coming up: UK factory data 8.52am BST JIM REID of DEUTSCHE BANK predicts more fireworks from Argentina this week, telling clients: It will also be worth keeping an eye on Argentina this week after capital controls were put in place over the weekend to help them stem the large losses of reserves towards the end of last week after a more than 25% decline in the peso over the last month after primary elections showed that the relatively market friendly government has little chance of retaining power in full elections next month. 8.49am BST ARGENTINA’S IMPOSITION OF CURRENCY CONTROLS COMES JUST A WEEK AFTER GREECE LIFTED ITS OWN RESTRICTIONS ON MOVING MONEY AROUND. ELSO LIGNOS of ROYAL BANK OF CANADA says: In Argentina, things are set to get worse with weekend news the government is re-imposing capital controls (lifted by Macri) and is seeking a “voluntary re-profiling” of its debt. Meanwhile Greece has come full circle, lifting its capital controls after four years. Continue reading...
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