The online payment service said that from 9 October: "Argentina resident Paypal-users may only send and receive international payments."

 

Last year the Argentine government announced restrictions¹ on the purchase of US dollars.

 

It has led to an increase in currency sales on the black market - but Paypal's exchange rates are better.

 

Locals were setting up two accounts under different email addresses and transferring money between the two, exchanging local currency pesos for dollars in the process.

 

Under the new rules only one account per person can be registered within Argentina.

 

 

The government's rules were designed to curb³ the flight of savings⁴ from the country and make the economy less dependent on the US dollar.

 

When the news was announced, finance minister Amado Boudou told the BBC it was "an important measure to combat tax evasion and money laundering⁵".

 

Since the rules were introduced in November 2011, Paypal has been used as an alternative means of obtaining the US currency close to the official exchange rate, which currently stands at about 4.7 pesos per dollar.

 

That is much cheaper than the rate on the black market where one dollar costs about 6.3 pesos.

 

 

Argentina suffers a high inflation rate - private economists⁷ say prices are increasing by about 24% a year. 

 

This adds to a general lack of confidence in the local currency caused by memories of its depreciation⁸（折旧，贬值） during the economic crisis of 2001.

 

Many residents have tried to protect their savings against the risk of further turmoil⁹（混乱，骚动） by putting the money into more stable currencies.

 

Economist⁶ Eduardo Marty told the BBC that currency restrictions had been extended to all economic activities, from the export of goods to foreign travel.

 

"You have to apply for permission to import any goods," he said.

 

"If you need to travel abroad the government gives you a meagre amount of money. Sometimes they approve it at the last moment and people are forced to buy on the black market."

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