Argentina to Restrict FX Access for Oil Companies’ Imports (1)

Argentina’s government will tighten access to the foreign exchange market for oil companies that need to import amid a severe shortage of dollars, according to people with direct knowledge.

Central Bank President Miguel Pesce, Energy Secretary Flavia Royon and other officials informed oil company executives Wednesday morning that they will be required to finance import payments for 90 days, one person said. The policy makers met with executives of Raizen, Axion, YPF and Trafigura at the monetary authority to discuss the changes.

Oil companies must now obtain financing from international banks or their parent companies to pay for their ...