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A reported blog on happenings around Latin America.

Argentina's dollar reserves fall daily

Argentina's reserves have fallen $768 million in the last 8 days after a wave of dollar withdrawals.
Argentina capital flight dollars 2011 10 11Enlarge
(Mark Wilson/Getty Images)

Argentina's Central Bank is losing its dollar reserves at a rate of roughly $100 million per day since instituting currency controls last week.

There has been a steady stream of dollar withdrawals since the government instituted the new policies, reported La Nacion.

Many Argentines had been keeping their money in banks to avoid having to pay for a safe and to avoid the risk to their homes, reported the newspaper.

But with the new restrictions, Argentines are starting to fear that their money could be seized. There are now waiting lists to rent a safe.

The restrictions require banks and exchange houses to clear all foreign currency transactions with the tax agency.

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http://www.globalpost.com/dispatches/globalpost-blogs/que-pasa/argentinas-dollar-reserves-fall-daily

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