Argentina
Currency and exchange controls
Official currency: Argentine peso (ARS).
Exchange rate arrangement: floating (de jure
exchange rate arrangement).The Central Bank of the Argentine Republic
(BCRA — http://www.bcra.gov.ar), Argentina’s central
bank, may intervene in the foreign exchangeEconomic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) 448 bn Goods Exports 83
GDP per capita (USD) 10,993 Imports 71
GDP volume growth (year-on-year) + 8.9% Net + 13
Population 40.77m Services Exports 14
MMR (year average) 9.98% Imports 16
Exchange rate ARS / USD (year average) 4.1101 Net – 2BoP (goods, services & income) as % of GDP (^0) Source: IFS, IMF, January 2013
International/Regional memberships
Mercado Común del Sur / Southern Cone
Common Market (Mercosur):
founding member since 26 March 1991.
International Monetary Fund:
since 20 September 1956.
World Trade Organization:
since 1 January 1995.
Government trade policy
Argentina has reversed its trade liberalisation
policy and is currently moving towards a
more closed economy. The government has
frequently resorted to protectionist measures
over the last few years, including both export
and import restrictions as well as foreign
currency controls.
Argentina implements the relevant Mercosur
(www.mercosur.int) trade regulations and
customs policies.
Argentina benefits from preferential trade
with its fellow Mercosur customs union
members (Brazil, Paraguay, Uruguay and
Venezuela) as well as with Mercosur’s
associate members.
Mercosur has trade agreements with
Bolivia, Colombia, Ecuador, Peru, Chile,
Mexico, Israel and Cuba. Negotiations for a
regional trade agreement between the EU
and Mercosur are due to resume in 2013.
National export credit insurance provider:
CESCE Argentina (www.casce.com.ar),
owned by CESCE Internacional, covers
commercial risk as well as political risk in
conjunction with the government.
The Fondo Federal de Inversiones / Federal
Investment Fund (FFI), the financial branch
of the Federal Investment Council
(www.cfired.org.ar) operates a state-
supported export credit programme, as
does the Banco de la Nación Argentina
(BNA — http://www.bna.com.ar)) and the Banco
de Inversión y Comercio Exterior (BICE —
http://www.bice.com.ar)..)
The BICE also operates the Export Credit
Insurance Regime for extraordinary
commercial and political risks.
Argentina maintains nine free trade zones,
including Córdoba, La Plata, Mendoza, San
Luis and Tucumán. Tierra del Fuego is a
Special Customs Area, licensed until 2013,
which permits the duty-free imports of capital
goods for use in designated high-priority
industries and goods to be assembled locally
for sale in Argentina. Other imports are taxed
at half the normal rate.