Cristina met with bankers to define security measures

City of Buenos Aires, September 20, 2010

President Cristina Fernandez de Kirchner took part, along with Amado Boudou, Minister of Economy and Mercedes Marco del Pont, chairman of the Central Bank, in a meeting with representatives of banks to agree new security measures.

One of the measures proposed is the creation of the Universal Free Account. Boudou noted that “the aim is that people do not walk with cash on the street.”

The account will be available to “all citizens” and can be enabled and used only on presentation of ID card. It will have the capacity to store up to 10 000 pesos (and no other currency) and shall have no maintenance costs.

They also introduced an amendment in terms of banking. Starting in October, along with the Universal Free Account, bank transfers between account holders through the Internet and ATMs will be free, if not exceeded the amount of 10,000 pesos transferred.

“The goal is to stimulate bank transfers and reducing the use of cash. Users can know in advance and accurately the cost they will face, if appropriate, to make a bank transfer” says a report by the BCRA (Argentine Central Bank).

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