Argentina’s Fernandez Supports FX Controls: La Nacion
Alberto Fernandez, presidential candidate for Frente de Todos party, casts a ballot during presidential elections in the Puerto Madero neighborhood of Buenos Aires, Argentina (Photographer: Sarah Pabst/Bloomberg)

Argentina’s Fernandez Supports FX Controls: La Nacion

(Bloomberg) -- Argentina’s President-elect Alberto Fernandez supports the recent capital control measures taken by the outgoing government, La Nacion reported, citing unnamed officials.

The capital controls, meant to prevent a further drop in reserves, have “managed to avoid the bleeding,” according to a source, who wasn’t identified by the newspaper. Still, Fernandez hasn’t publicly announced his support for the measures introduced by his political opponent.

Argentina’s Fernandez Supports FX Controls: La Nacion

The measures came as the peso slumped 25% to a record low following Fernandez’s victory over Macri at the August primaries -- before winning the general elections a week ago.

La Nacion also reported that Fernandez and outgoing President Mauricio Macri spoke on the phone in the middle of the week in their second meeting since the general elections. Fernandez is seeking a transition with as little drama as possible.

“He celebrates having achieved a good dialogue with Macri” even at the end of the president’s term, the newspaper said, citing an official.

A spokesman for Fernandez didn’t immediately respond to a text message seeking comment.

Fernandez is scheduled to meet with Mexican President Andres Manuel Lopez Obrador on Monday in his first international trip after the election. The visit, where he’ll be accompanied by his economic adviser Matias Kulfas, will help boost commercial ties between the two countries.

On Monday, Fernandez will hold a private meeting with billionaire Carlos Slim -- Latin America’s richest person -- before they both attend a dinner with Mexican business leaders.

The U.S. may be Fernandez’s first destination as president, but it’s not yet confirmed, La Nacion said. In a phone conversation with U.S. President Donald Trump on Thursday, both men exchanged wishes to meet soon, officials said.

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