The Argentine government has eliminated a 120-day holding period on foreign capital, hoping the move will help lure investment as President Mauricio Macri tries to jumpstart the economy.
The decree, published in the official gazette on Thursday, brings to an end any waiting period to repatriate funds from the country. The measure marks one of the first steps taken by new Treasury Minister Nicolas Dujovne, who late last month replaced former Economy Minister Alfonso Prat-Gay.
Macri, who took office last year, is struggling to lift Argentina out of recession. The government expects the economy to grow 3.5% this year, but recent economic indicators have shown little signs of a recovery, and some economists have lowered their growth projections for 2017.
After coming to office, Macri lifted capital controls and ended a long dispute with holdout creditors among other steps to stimulate the economy. However, foreign direct investment has remained flat.
The lifting of the holding period comes as Argentina is considering tapping international debt markets. In late December, Finance Minister Luis Caputo said Argentina could look to issue bonds between “the second or third week of January.” Local media reports say Argentina could issue up to $10bn.