Argentina – New Foreign Currency Restrictions Imposed

New Foreign Currency Restrictions Imposed

KPMG in Argentina reports that the Central Bank issued a new rule that prohibits individuals and companies from purchasing foreign currency to accumulate (or hoard) funds abroad or to acquire assets abroad. This could give rise to difficulties for multinational employers and their globally-mobile employees with respect to the location of funds used to compensate employees and other matters concerning compensation, savings, investments, and bank accounts.

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