Argentina’s currency weakened 2.11% 285 per dollar on the parallel black market following the central bank’s decision, which was announced late Monday.
According to the measure, soybean exporters who sell the oilseed under the “export incentive scheme”, which involves a higher exchange rate, are not allowed to buy foreign currency from Tuesday.
Soybean sales during September benefit from a special rate of 200 pesos per dollar, as the central bank seeks to bolster its own reserves.
Exporters have also been barred from trading in securities denominated in foreign currencies – although this measure “does not apply to human beings”, the central bank added.
According to one trader, limiting cash liquidations will put pressure on the dollar black market.
“Nobody wants to keep the pesos”.
On the official market, the Argentine peso was trading on Tuesday down 0.2% to 144.6 per dollar.