Argentina loosens fiscal controls to spur cash flow

BUENOS AIRES, May 23 (Xinhua) -- Argentina on Thursday unveiled a package of measures to loosen regulations on financial transactions to spur the flow of cash.

Argentine Economy Minister Luis Caputo announced the scheme, called the "Plan for the Historical Reparation of Argentines' Savings", at a press conference, which was also attended by the president of the Central Bank Santiago Bausili, head of the Customs Collection and Control Agency (ARCA) Juan Pazo and presidential spokesperson Manuel Adorni.

The measures essentially scale back restrictions and financial monitoring by the state on credit card operations, cash withdrawals, property sales, used vehicle purchases, and a slew of other transactions.

This overhaul "aims to give back to the vast majority of Argentines, who were abused by excess taxes and excess regulations, freedom over their savings," Caputo said.

Officials hope Argentines will be encouraged to spend their savings more freely, injecting cash into the economy and boosting growth. ■