Argentina court upholds record $62M fines on exchange houses for illegal dollar arbitrage

Argentina's Federal Administrative Contentious Appeals Chamber rejected an injunction, confirming Central Bank fines totaling US$62 million against exchange agencies Mega Latina SA and Gallo Cambios. The firms, linked to political figures, exploited exchange controls during the previous government by buying dollars at the official rate and selling at the parallel 'blue' rate. This is a notable enforcement action against financial irregularities, though its market impact is limited.