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Argentina relaxes controls on US dollars

By Almudena Calatrava
Published January 24, 2014 10:18pm ET
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Argentina relaxes controls on US dollars
A sign shows no currency exchange numbers outside a money exchange house in Buenos Aires, Argentina, Friday, Jan. 24, 2014. An employee at the business said they were not operating until they received official rules from the government, which announced a relaxing of restrictions on the purchase of U.S. dollars following a sharp slide in the value of the local peso. (AP Photo/Natacha Pisarenko) | Natacha Pisarenko

BUENOS AIRES, Argentina (AP) — Argentina announced Friday it will relax restrictions on the purchase of U.S. dollars after the sharpest slide in the value of the local peso since the 2002 economic collapse.

Analysts said the devaluation was forced by a steady decline in the country’s foreign exchange reserves, and it helped shake markets across the world as confidence in emerging markets slipped.

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