Argentina, to retain dollars, prohibits installment payments for airfare and tourist services abroad

RIO DE JANEIRO, BRAZIL – The Central Bank of Argentina (BCRA) prohibited credit card issuers from financing airline tickets abroad and other tourist services abroad in installments in order to discourage the outflow of dollars from the country and to protect reserves.

As from the measure, Argentines who want to buy tickets abroad and acquire tourist services outside the country will have to choose between taking out a personal loan with a rate that is currently around 78%, or opt to pay the minimum amount of the card and refinance the rest with a rate of 43%.

The measure was ordered by the Board of Directors of the Central Bank today, Thursday, in order to avoid the outflow of dollars from the country. The fact is that the leakage of foreign currency through travel and ticket sales has been increasing in recent months and last September reached a maximum level since December 2019.

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