Argentina's government authorized currency controls Sunday in an about-face by President Mauricio Macri, who had previously lifted many protectionist practices of his predecessor, Cristina Fernandez de Kirchner.
The central bank is now authorized to restrict purchases of dollars as it burns through its reserves in an effort to prop up the peso currency, the government said in a decree published in its official bulletin.
The measure means companies will need permission from the central bank to access the foreign exchange market to purchase foreign currency and make transfers abroad.