Argentine currency controls: Ripple effect in US

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Associated Press

Posted on January 9, 2013 at 5:07 AM

Updated Wednesday, Jan 9 at 6:04 AM

MIAMI BEACH, Fla. (AP) — Currency controls aimed at stemming the outflow of capital from Argentina are having a ripple effect in the tourist destination of Miami Beach.

The measures imposed by the Argentine government in 2011 and tightened last year have made it increasingly difficult for tourists to gain access to foreign cash needed to travel.

In response, the Maya Tapas and Grill restaurant along Miami Beach's famed Lincoln Road is accepting payment in Argentine pesos. So are some vacation apartment rentals.

The effect is being felt in other sectors as well: Realtors report a slight decline in the number of Argentines able to get a mortgage and purchase property in Miami Beach.

Some Argentine tourists are eating every day at the Maya Tapas and Grill and relying on credit cards during their stay.

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