Bitcoin News and Finance
Central Bank of Argentina Reduces Dollar and Yuan Disbursement to Importers Skip to main content

Central Bank of Argentina Reduces Dollar and Yuan Disbursement to Importers

Central Bank of Argentina Reduces Dollar and Yuan Disbursement to Importers

Importers are accusing the Central Bank of Argentina of stalling on the delivery of dollar-based payments under the pretext of high freight costs. According to importers, the Argentine government considers freight costs exceeding 15% of the value of the merchandise imported as an inconsistency.

Central Bank of Argentina Delays Dollar Disbursements to Importers

The government of Argentina is now being accused of delaying the delivery of dollars to Argentine importers by using freight costs as an excuse. According to Argentine economist Ignacio Olivera Doll, the government is using a limit for the cost of freights that hadn’t been applied before, as a basis for these actions.

The government has denied dollar requests for freight payments whose costs exceed 15% of the value of the merchandise transported. Argentine importers, as a result of exchange controls, need to receive dollars via government approval to conduct their operations.

Customs General Manager Guillermo Michel denied this, stating that the payments system was working as usual. Nonetheless, he explained:

It happens some parameters are distorted with reality and historical margins. Some importers want to transfer transport amounts higher than those authorized.

Numerous payments have been delayed due to this inconsistency during the last two weeks, as the government is being drained of its dollar and yuan reserves to provide importers with already approved resources. According to recent reports, Argentina’s net reserves have touched historically low levels, reaching -$7 billion.

Chinese Yuan-Based Sales Also Rationed

However, it’s not only dollar-based disbursements that are being affected by the measures put in place by the Argentine government regarding reserve expenditures. The allocation of yuan reserves to companies that have adopted it as a settlement currency to pay providers has also slowed.

Ambito reports that yuan-based allocations have also been reduced in the last few days, going from an average of $90 million per day to less than $10 million daily on July 14 and 17. This reduction might be related to the failure of the government to reach an agreement with the International Monetary Fund (IMF) about the anticipated disbursement of at least $4 billion.

Argentina has to pay $2.7 billion to the IMF by the end of July. If the government does not reach an agreement for the anticipated disbursement, it might have to use part of the approved Chinese swap line to pay, as it did last month when it used $1 billion in yuan to complete a payment to the IMF.

What do you think about the dwindling reserves of the Argentine government? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory