• Peronist Alberto Fernández was elected president on Sunday with 48.1% of votes;
• The measure is necessary to preserve the country’s international reserves.

This Monday (28) post-election, the Central Bank of Argentina further tightened control over the foreign exchange market. The measure is necessary to preserve the country’s international reserves, insufficient to contain the rise of the US currency against the Argentine Peso (ARS).

“Last week, we saw significant demand for dollars. Given the risk that this will be maintained this week, we decided to tighten controls. Starting today (Monday), we reduced the maximum amount people can buy to $ 200 per month”, Central Bank President Guido Sandleris said according to AFP.

ALSO READ: 3 topics to understand what is at stake in the Argentine elections

Peronist Alberto Fernández was elected president on Sunday with 48.1% of votes, thwarting the aspirations for reelection of liberal President Mauricio Macri (40.3%).

Last week, the peso depreciated 5.86% and was rated at 65 pesos per dollar. Since the primaries in August, when Fernández and Cristina Kichner proved to be the favorite for these elections, “reserves have fallen $ 22 billion,” Sandleris said