Argentina's Finance Minister, Hernan Lacunza, held a press conference on Monday in Buenos Aires in which he defended the measures imposed by the government of Mauricio Macri to control the foreign exchange market announced last Sunday.

Lacunza stated that "these are uncomfortable measures" but "necessary to avoid greater evils. Regarding the rumors of the possible appearance of a new "corralito," the minister said that all Argentines "will have absolute availability of the assets" and will be able to "do what they want with what they already have.

On Monday, measures on exchange control came into effect, including the imposition of a limit of $10,000 on the purchase of U.S. currency for individuals. It will also force export companies to exchange their profits from US dollars into Argentine pesos.

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