Argentine currency controls have ripple effect
MIAMI BEACH, Fla. – Maxi Gonzalez and his family settled into a dinner of sirloin strip steaks and salads at the Maya Tapas and Grill along Miami Beach’s famed Lincoln Road. It was the first night of their weeklong vacation from Argentina, and at a restaurant they planned to frequent nearly every day. The reason: Here they could pay in Argentine pesos.
Currency controls imposed by the Argentine government in November 2011 and tightened further last year have made it increasingly difficult for tourists like Gonzalez to gain access to foreign cash needed to travel. The measures are aimed at shoring up a weakening Argentine currency and keep capital from leaving the South American country.
Gonzalez was only able to convert the equivalent of $2,000 from Argentine pesos into U.S. dollars.
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