Finance Minister Hernán Lacunza described the Mauricio Macri administration's restrictions on the purchase of foreign currency as "an uncomfortable measure" for the Government, before stressing that "it is necessary" in order "to avoid greater evils."
"It is an uncomfortable measure for us that Argentina has already had," Lacunza said in an interview with the América TV channel on Sunday night.
"We do not like it, [but] we consider it [a] transitory [measure], depending on the electoral result," he added.
""There is a reality that we cannot deny: there is an obvious change after the PASO," he added, referring to changes in the exchange rate of the peso.
But there are no restrictions on people withdrawing dollars from their bank accounts – a practice known here as the "corralito," applied in late 2001 and the spark for the worst economic and political crisis in Argentine history.
All these new measures will be in place until December 31.
Last month, markets were rattled when President Mauricio Macri suffered a huge loss in primary elections, and his leftist opponent in October presidential elections Alberto Fernández emerged as the favorite.
The decree published Sunday said the currency measures were needed temporarily to "regulate more intensely the currency exchange regime and strengthen the normal functioning of the economy."
Argentina has been in recession since 2018, and is battling rising unemployment and one of the world's highest inflation rates, running at more than 55 percent.