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Restrictions on hard currency take effect in Argentina.

September 2, 2019
People wait for a bank to open in Buenos Aires, Argentina, Monday, Sept. 2, 2019. Argentina's government on Sunday decreed that Argentines will need authorization from the central bank to buy U.S. dollars in some cases and make transfers abroad for the rest of the year as it tries to prop up its peso currency. (AP Photo/Natacha Pisarenko)
People wait for a bank to open in Buenos Aires, Argentina, Monday, Sept. 2, 2019. Argentina's government on Sunday decreed that Argentines will need authorization from the central bank to buy U.S. dollars in some cases and make transfers abroad for the rest of the year as it tries to prop up its peso currency. (AP Photo/Natacha Pisarenko)

BUENOS AIRES, Argentina (AP) — Restrictions on access to dollars have taken effect in Argentina as the government tries to control a rapid loss of foreign reserves and an accelerating devaluation of the currency.

The measure says residents can’t buy more than $10,000 a month without permission from the Central Bank. Institutions need permission for lesser sums. It also says that dollars earned for exports should be brought into the company within five days of the time they are paid. Importers also need permission to make payments.

It also bars people from buying dollars to pay domestic debts.

The measures are far less restrictive than those imposed by the government of former President Cristina Fernández, which restricted even spending on vacations abroad, leading to the rise of a currency black market.

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