rictions were imposed on capital outflows. Regulations will likely remain restrictive, negatively affecting liquidity in NDF and options markets. USDIARS spot and REER 190 190 170 140 140 130 120 II 0 100 90 140 30 20 10 00 Jan-00 Jan02 Jes704 Jan06 Jan-0.3 Jan-I0 Jan12 Jan-14 Jan-16 I