The Argentine government has enabled salary payments in dollars through Law 27,802 on Labor Modernization, which guarantees the same benefits as accounts in Argentine pesos.

“The measure allows employers to deposit salaries in foreign currency and for workers to access those funds through the financial system. This provision applies to employees under the Employment Contract Regime and to workers not covered by said regulations.”

The measure was announced by the Central Bank of Argentina (BCRA) through Communication “A” 8460, which resolves to “incorporate the US dollar as an accepted currency for deposits in the ‘Salary Account’ stipulated in point 2.1 of the consolidated text on Savings Deposits, Salary Accounts, and Special Accounts.”

Banks are obligated to allow cash deposits and withdrawals at the branch where the employee’s account is held. The availability of banknotes at other branches, ATMs, or self-service terminals must be guaranteed by the bank, according to the regulations.

It is clarified that “the employee can keep the money in the account indefinitely without paying maintenance fees.”

M.Pino

Source: eldiarioweb

(Reference image source: Igal Ness on Unsplash)

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On Wednesday, September 24, the US Treasury announced its decision to approve a $20 billion financing package for the Central Bank of Argentina.

This amount would be primarily used for the purchase of primary or secondary debt of the South American country.

The US Treasury stated: “The Treasury is currently in negotiations with Argentine officials to establish a $20 billion swap line with the Central Bank.”

The negotiation involves working together with the Argentine government “to avoid excessive volatility,” stated Secretary Scott Bessent on the social media platform X, who met on Tuesday with US President Donald Trump and Argentine President Javier Milei.

He added: “The United States is prepared to purchase public debt in the primary or secondary market, and we are working with the Argentine government to end the tax exemption for commodity producers who exchange foreign currency.”

M.Pino

Source: DW

(Reference image source: Jonathan Borba on Unsplash)

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La entrada US Treasury authorizes financing for Argentina apareció primero en Bitfinance.