©Reuters. Argentina prohibits the purchase in installments abroad to take care of its reserves
Buenos Aires, Jul 1 (.).- The Central Bank of Argentina prohibited banks and credit card operating companies from financing their clients’ installment purchases of goods and services acquired abroad, a measure that adds to others dictated by the monetary authority due to the scarce monetary reserves of the South American country.
According to the resolution adopted this Thursday by the Central Bank and published this Friday on the entity’s website, as of July 4, purchases abroad – by travelers or by people who acquire goods or services abroad for digital media- may be paid in a single installment.
In practice, the measure limits the number of purchase operations abroad, since the number of consumers with the economic capacity to make purchases in a single installment, without the need for financing, is limited.
The resolution establishes that as of July 4, shortly before the start of the winter vacation break in Argentina, financial entities and non-financial credit providers “must not finance in installments the purchases of their clients” of tickets abroad and tourist services abroad (such as accommodation or car rental, among others).
This limitation applies to purchases whether made directly with the service provider or indirectly, through a travel and tourism agency, electronic platforms or other intermediaries.
The measure also covers products abroad that are received through the postal delivery system.
Argentina has problems of shortage of foreign currency and, in addition, it must meet the goals agreed with the International Monetary Fund to accumulate monetary reserves.
Last Monday, the Central Bank had already limited access to foreign currency for companies to pay for imports.