This morning the Argentine Government published the controversial Resolution 3333 of the Federal Administration of Public Revenues (AFIP). Resolution 3333 effectively tightens the government’s control over the dollar.
The official release of Resolution 3333, published in the Official Gazette, breaks down the new law into several clauses. The first sets out the resolution to apply to subjects living in the country who are seeking to purchase foreign currency and orders them to officially register the transaction.
Information for the clause will be found through a service called the “consultation exchange transactions” found on the “travel abroad” option of www.afip.gob.ar.
The Federal Government will use the information for analysis and will offer it in real-time. The new legislation will come into effect tomorrow.
Senator Aníbal Fernández said today controls for foreign currency trading “are for the benefit of all Argentines.”
“If (a person) is being handed with money that is not declared, it cannot be bought,” said the former chief of staff. In recent weeks generated strong criticism and unease among investors and small and medium savers, hit by the restrictions.
Resolution 3333 should help to determine that the “money comes from a legal situation.”
Aníbal Fernández stressed, “Argentina has to make a lot of decisions that make all the Argentines in their trade balance, imports, exports and foreign exchange trading.”
In this regard, he noted “for each of the issues, there is a recipe” and postulated that the duty of making decisions should be that of the State.
“The reality is that at the end of the race, which is very short because the goal is short term, [the idea] is to solve the problems and go out to find that they fulfill the objectives for the benefit of all Argentines ” said the former chief of staff and current senator.