Argentina's Dollar Restrictions Leave $500 Million Stranded at Airport, Concerning Banks Amid Withdrawal Surges
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Argentina's government restrictions left up to $500 million in US cash stranded at the country's main airport, concerning local banks amid withdrawal surges.
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The cash shipment was delayed after Argentina's tax authority issued a 72-hour shutdown at the airport's cargo terminal amid peso selloffs.
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Argentina allows dollar accounts and reserves have fallen sharply, fueling investor worries about a potential bank run.
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Banks have imported nearly $2 billion in US cash since a candidate proposing dollarization won a primary vote in August.
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The cash delays didn't disrupt operations as the shutdown order was lifted and banks import more than needed, but banks considered submitting a formal complaint.