Sovereignty incident · inc-2001-ar-corralito
Argentina: weekly cash withdrawal limit, then conversion of dollar deposits into pesos
Decree 1570/2001 of 1 December 2001 prohibited cash withdrawals above ARS 250 or USD 250 per week per account holder at each financial institution, and prohibited transfers abroad except for foreign trade, card spending abroad and certain debt payments authorised by the central bank. Taking more than USD 1,000 in foreign currency out of the country was allowed only through financial institutions. Deposits stayed in the accounts: transfers between accounts and institutions and payments by debit and credit card remained possible. Decree 214/2002 of 3 February 2002 converted foreign-currency deposits into pesos at ARS 1.40 per US dollar and foreign-currency debts to the financial system at ARS 1 per US dollar.
- When
- Since (ongoing or open-ended)
- Jurisdictions
- Argentina
- Kinds
- Restriction
What happened
The incident begins.
- Open
No end date: ongoing or open-ended.
Forms of money
Who was affected: Account holders at Argentine financial institutions, whose cash withdrawals and transfers abroad were limited, and holders of US dollar deposits, which were converted into pesos. Cash already held outside the banks was not subject to the withdrawal limit.
Forms of money affected
Forms of money not affected
Each form of money links to the Money in everyday life matrix, which compares their properties with sources.
Sources
Sources: Presidencia de la Nación (InfoLEG), Decreto 1570/2001: Entidades financieras, nuevas medidas económicas (1 December 2001); Presidencia de la Nación (InfoLEG), Decreto 214/2002: Reordenamiento del sistema financiero (3 February 2002)