Argentina to ease currency control

Argentina announced it would alleviate its foreign exchange control, with President Mauricio Macri hoping the move will bolster exports and fuel economic growth. Farmers in the country have been waiting for the Argentinian peso to decline before selling stockpiles of soybeans. The official exchange rate of 10 pesos per US dollar is not matched by a firmer black market rate. Analysts noted the official rate to decline between 13.5 and 15.00 to the dollar. Also, Finance Minister Alfonso Prat-Gay expected the rate to weaken near 14.2 per greenback.

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