Currency wars are back, though this time the goal is to steal inflation, not growth. Brazil Finance Minister Guido Mantegapopularized the term “currency war” in 2010 to describe policies employed at the time by major central banks to boost the competitiveness of their economies through weaker currencies. Now, many see lower exchange rates as a […]
Argentines Hit With 35% Foreign Credit Card Tax for Holidays
Argentine President Cristina Fernandez de Kirchner increased a tax on credit card purchases abroad ahead of the southern hemisphere summer vacation period to stem a hemorrhaging of reserves to a seven-year low. The government raised a levy on card purchases in foreign currency to 35 percent from 20 percent, according to a resolution published in today’s Official Gazette. […]