EcoStim Industry News Brief - Argentina Announces Lifting of Currency Controls
Argentina Announces Lifting of Currency Controls
New government says move, expected to trigger depreciation of peso, is ‘the starting point for getting the economy back on its feet’
WALL STREET JOURNAL (Updated Dec. 16, 2015) BUENOS AIRES — Argentina’s new government on Wednesday lifted currency controls, allowing its citizens to buy dollars freely for the first time in four years and setting the stage for a sharp depreciation of the peso.
The move, which officials hope will kick-start the faltering economy, is the strongest President Mauricio Macri has yet made in his bid to roll back the government interference that marked the country’s economy under the previous presidencies of Néstor and Cristina Kirchner.
“We are extremely encouraged by what’s happening in the country,” said Alexander Nickolatos, chief financial officer of Eco-Stim Energy Solutions, Inc., a Houston-based oilfield services company. Mr. Nickolatos said the company’s contracts are dollar-denominated and that it kept a low amount of pesos on hand in anticipation of a depreciation.
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