MONEY: Argentina announces change to foreign currency transfer regulations

BUENOS AIRES - The announcement of changes to foreign currency transfer regulations by the Government of Argentina may not be looked at favourably by the many Canadian mineral producers in that country.

The government has decreed that export revenues from mines must be repatriated and converted to Argentine currency before being distributed either locally or overseas. The impact of the change is not known yet. The mining and oil industries were exempt from such a requirement under the previous law of 2004.