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Argentina Central Bank Puts up Barrier to Imported Luxury Goods to Save Dollar Reserves

RIO DE JANEIRO, BRAZIL - Argentina’s central bank on Wednesday imposed a new rule limiting the import of foreign luxury goods as part of its effort to stanch the outflow of its own international currency reserves.

Luxury goods like high-end sports cars and private planes will be subject to the new rule saying that importers will have to get their financing from overseas or wait a year to pay their overseas supplier, all in an effort to slow outflow of central bank dollar reserves.

“The Board of Directors of the Central Bank of the Republic of Argentina established that . . .

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