Argentina buys up US dollars





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Published on Jun 9, 2012

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Argentina's government has placed a virtual ban on purchases of foreign currency and is trying to buy every US dollar available as it bids to increase central bank reserves and repay government debt.

President Christina Kirchner wants Argentinians to start saving in the country's peso currency.

Those measures have forced thousands to the streets to protest against what they call the government's authoritarian ways.

The country has one of the highest inflation rates in the world and many Argentinians would gladly trade their pesos for the more stable US dollar.

This has led to the creation of a black market where it is possible for thousands to buy and sell dollars, escaping the government's control.

Al Jazeera's Teresa Bo reports from Buenos Aires.

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