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Among the restrictions introduced more recently was a 35% tariff on credit card transaction abroad. Despite the government's efforts, Argentina's reserves are now below $30bn (£18bn) - their lowest level since 2006. Currency controls, which were common in most countries until the mid-1980s were dropped in Argentina in 1991. Finance Minister Domingo Cavallo pegged the local currency, the peso, to the dollar. The plan collapsed 10 years later, when the government was forced to devalue its currency. The country eventually froze bank accounts and defaulted on its debts. It has since struggled to attract foreign loans at market rates.
