Tag Archives: Controls

UPDATE 1-New Argentina government aims to dismantle currency controls Dec 14

BUENOS AIRES The government of Argentina’s president-elect Mauricio Macri mentioned Sunday that it will seek to dismantle a series of capital controls propping up the peso as quickly as possible, aiming for December 14 if the central bank is beneath new management.

Macri has previously demured on providing details on his technique to lift outgoing president Cristina Fernandez’ so-called “clamp-down” on dollar purchases that has created a multi-tiered exchange price, saying he should 1st take a close appear at the true state of national accounts.

But incoming finance minister Alfonso Prat-Gay said in an interview with 3 local dailies that doing so was a prime priority to tackle soon right after the transfer of power Dec. 10, despite the possibility of a sharp devaluation.

“The program to unify the currency market place is the 1st signal for the economy to commence to normalize. We’re going to fulfill that guarantee as quickly and as exhaustively as feasible,” Prat-Gay was quoted saying in newspapers La Nacion, Perfil and Clarin.

“If we can do it the 14th, we’ll do it the 14th, and if not, we’ll do it as soon as we see the correct conditions,” he stated.

Prat-Gay stated currency reform could most likely only start as soon as a new central bank chief assumes energy and it is clear there will be a enough supply of dollars. He added that he hopes to make an announcement soon on a new source of tough currency that will assist the bank restore its dwindling reserves.

Present capital controls incorporate strict limits on dollar savings, restrictions on imports and a hefty tax on credit card use abroad.

Prat-Gay did not specify whether or not the government would seek to undo the controls all at as soon as or bit-by-bit. He could not be reached for comment Sunday.

Prat-Gay was international head of foreign-exchange analysis at JP Morgan in the late 1990s before top Argentina’s central bank among 2002 and 2004. Macri picked him to help him end more than a decade of cost-free-spending populism that has hobbled growth and stoked inflation in Latin America’s third biggest economy.

Central bank president Alejandro Vanoli is anticipated to resign in coming days, under pressure from Macri to make way for a currency devaluation to spur exports and halt the drain on central bank reserves utilised to prop up the peso.

Macri plans to appoint former Buenos Aires city bank chief Federico Sturzenegger to head the bank.

(Reporting by Juliana Castilla Writing by Mitra Taj Editing by Mark Potter and Andrew Hay)

New Argentina government aims to dismantle currency controls Dec 14 – newspapers

BUENOS AIRES Argentina’s incoming finance minister, Alfonso Prat-Gay, will aim to lift currency controls and unify the country’s multi-tiered exchange rate from Dec. 14, a few days after the new government assumes power, Prat-Gay told local media Sunday.

“If we can do it the 14th, we’ll do it the 14th, and if not, we’ll do it once we see the right conditions,” Prat-Gay was quoted saying in local dailies La Nacion, Perfil and Clarin.

President-elect Mauricio Macri picked Prat-Gay, a former JP Morgan executive and ex-central bank chief, to help him end more than a decade of free-spending populism that has hobbled growth and stoked inflation in Latin America’s third largest economy.

Prat-Gay said he would only be able to start dismantling years of restrictions on dollar purchases after a new central bank president assumes power.

“Lifting currency controls with current (central bank) authorities would be very hard,” Prat-Gay was quoted saying.

Macri plans to name former Buenos Aires city bank chief Federico Sturzenegger as the new head of the central bank after leftist president Cristina Fernandez’s term ends on Dec. 10.

Macri has called the current central bank president, Alejandro Vanoli, to step down to make way for currency devaluation to spur exports and halt the drain on central bank reserves used to prop up the peso. Vanoli has said he may resign in coming days.

Prat-Gay also said that he hopes to make an announcement soon on a new source of hard currency that will help the central bank restore its dwindling reserves.

(Reporting by Juliana Castilla; Writing by Mitra Taj; Editing by Mark Potter)

Greece to lift capital controls by mid-2016 -deputy fin min

ATHENS Dec 1 Greece expects to completely lift capital controls imposed at the height of the euro zone crisis in July by mid-2016, deputy finance minister George Chouliarakis mentioned on Tuesday.

He told visiting correspondents the controls would be eased progressively when Greek banks successfully full a recapitalisation this month and confidence returns to the economy with the start of talks early subsequent year on debt relief.

“It would be secure to say that all controls will be removed by the end of the 1st half of 2016,” said Chouliarakis, who is Athens’ chief negotiator with international creditors.

“We want to be cautious. We can not do it speedily since we don’t want a setback,” he added.

The government imposed capital controls and ordered a three-week bank holiday to stem deposit outflows right after Greece rejected a bailout deal with euro zone lenders at the end of June.

It at some point reached a new three-year bailout agreement in August and is now in the process of implementing agreed reforms that will pave the pay for debt relief negotiations subsequent year.

(Reporting by Jan Strupczewski and Paul Taylor Writing by Paul Taylor)

Agen Sabung Ayam – Paris Attacks Force European Union to Act on Border Controls

Agen Sabung Ayam

Photo

Bonfires in Gevgelija, Macedonia, helped migrants stay warm on Friday as they waited to enter a registration camp after crossing the border from Greece. Credit Ognen Teofilovski/Reuters

PARIS â?? If Europeâ??s system of passport-totally free travel was not below enough pressure following a summer of chaotic migration, then last weekâ??s attacks in Paris have fortified doubts more than how much longer that freedom of movement â?? a single of the most cherished accomplishments of the European Union â?? can survive.

The Nov. 13 massacres in Paris had been carried out virtually entirely by European passport holders who slipped in and out of Syria without having being identified or checked. In addition, the discovery of a Syrian passport apparently held by one particular of the Paris assailants has renewed fears that terrorists have infiltrated the migrant wave.

With the focus now on bolstering security, European Union interior and justice ministers met in an emergency session on Friday and vowed to complete French proposals for tighter controls by the finish of the year.

For the first time, the ministers agreed ultimately to establish a system to share the passport information of air travelers within the open border location beneath what is known as the Schengen Agreement.

Continue reading the major story

As several as six of the assailants in the coordinated Islamic State terrorist assault in Paris have been Europeans who had traveled to Syria.

Provided the double chaos of migratory flows and cross-border terrorists, several nations â?? like France, Germany, Austria, Belgium, the Netherlands, Hungary, Slovenia, the Czech Republic, Slovakia and Sweden â?? have already established short-term border controls.

The concern is that they will make these temporary controls, which are allowed under Schengen, effectively permanent, destroying the agreement.

On Thursday evening, adding to the confusion, most nations along Europeâ??s migrant corridor

Macedonian police officers on Friday checked the identification of Afghan refugees at the border with Greece, near Gevgelija. Credit Robert Atanasovski/Agence France-Presse â?? Getty Images

But they had been stalled by inaction and by issues over data privacy in the European Parliament, raised specifically by Germany and the newer members from Central and Eastern Europe, which have been largely untouched by terrorism.

On Friday, however, the ministers gave their backing to measures demanded by France this week that incorporated tightening external borders by extending checks to far more men and women who can normally enter, and move freely within, the Schengen area.

Strengthening controls at external borders is â??indispensable for the protection of European citizens,â? Bernard Cazeneuve, the French interior minister, mentioned at a news conference.

Overhauling the Schengen rules would imply â??systematic and obligatory checks to be carried out at all our external borders and on all individuals entering the Schengen area, like these who advantage from the freedom of movement,â? he stated.

Mr. Cazeneuve has expressed fury that France discovered out that the ringleader of the