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ECONOMY | 19-05-2023 13:29

Argentina's government creates US$50-million workaround for U-20 World Cup

Just two days before the kick-off of the Under-20 World Cup, Argentina's government creates exceptional one-off exchange rate for the import of football equipment.

Just two days before the kick-off of the Under-20 World Cup in this country, Argentina's government on Thursday cleared an exceptional one-off exchange rate for the import of football equipment.

Argentina is suffering an acute shortage of hard currency to pay for imports and other demands on the dollar but will be placing US$50 million at the disposal of the 23 visiting teams, the Central Bank said.

They will enjoy tax-free imports of sporting equipment, as well as for media and press coverage, international communications, different commercial products,  credentials, food and medicine, among others.

Raising interest rates from 91 to 97 percent last weekend has failed so far to ease money market tensions with volatile parallel exchange rates.

 

– TIMES/AFP

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