ARGENTINA is imposing restrictions to discourage imports and protect forex reserves, reports Bloomberg News.
The government is seeking to avoid losing money after the national statistics agency reported that the country's trade deficit widened in July to US$437 million.
Private consultants estimate that the country's net reserves shrank to $2 billion.
To protect its reserves, the government plans to announce three measures, including more paperwork for imports, especially for services.
The first will require prior authorisation for the services imports and access to the official exchange market, evaluating the economic capacity of importers.
Second, the government is considering classifying 34 imported items as 'non-automatic licences' that must be approved by the Secretary of Commerce.
Lastly, the idea is to reduce the period of time in which importers must re-export a product to be exempt from paying import taxes.
This term would be reduced to 120 days from the current 360 days.
SeaNews Turkey
The government is seeking to avoid losing money after the national statistics agency reported that the country's trade deficit widened in July to US$437 million.
Private consultants estimate that the country's net reserves shrank to $2 billion.
To protect its reserves, the government plans to announce three measures, including more paperwork for imports, especially for services.
The first will require prior authorisation for the services imports and access to the official exchange market, evaluating the economic capacity of importers.
Second, the government is considering classifying 34 imported items as 'non-automatic licences' that must be approved by the Secretary of Commerce.
Lastly, the idea is to reduce the period of time in which importers must re-export a product to be exempt from paying import taxes.
This term would be reduced to 120 days from the current 360 days.
SeaNews Turkey