The Central Bank of Argentina has limited access to dollars due to preparations for reforms

The central bank of Argentina has decided to limit access to dollars at the official exchange rate until the administration of President Javier Miley announces the first steps under the promised program of shock therapy against inflation. 

This decision was made in the context of the expected strong devaluation of the Argentine peso in the next few days.

Argentina's official foreign exchange market will operate with limited transactions, and Economy Minister Luis Caputo is due to present his first measures under the new economic policy in the new cabinet.

This decision to restrict access to dollars has led to changes in Argentina's financial markets. The country's dollar-denominated bonds maturing in 2030 fell in price, and the stock index rose before falling again. Commercial banks also opened with expectations of a devaluation of the peso.

In the official foreign exchange market, $1 is worth 385 Argentine pesos, while in the parallel market, the dollar-to-peso exchange rate is almost 1,000 pesos.