Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Block · Capital controls

Quotas on residents' foreign-currency purchases and outward remittances

What it is
A cap per person and per period (month or year) on how much foreign currency residents may buy or remit abroad without prior approval, typically enforced through bank-level reporting against a national ID.
Why it counts
By rationing access to foreign currency it limits how much household savings can be moved into foreign assets, keeping them in domestic deposits and bonds that pay below-market or below-inflation returns.

When it was in force

  • China: 2007 → now, in force
  • Argentina: 2019 → 2025, historical
  • India: 2004 → now, in force

3 examples

  1. China

    2007 → nowIn force

    SAFE caps individuals' annual foreign-exchange purchases and sales at the equivalent of USD 50,000 per person, beyond which documentary proof of purpose is required.

    国家外汇管理局《个人外汇管理办法实施细则》(汇发〔2007〕1号), 第二条 (USD 50,000 annual quota per person)Primary source
    “年度总额分别为每人每年等值 5 万美元”

    safe.gov.cn (opens in a new tab)Checked: quote matched on the page by script

    China today: index 59.5

  2. Argentina

    2019 → 2025Historical

    The BCRA required prior approval for individuals buying foreign currency for asset formation above US$ 200 a month, the core of the 'cepo cambiario'.

    Banco Central de la República Argentina, Comunicación "A" 6815 (28 October 2019), point 1 (US$ 200 monthly limit for hoarding)Primary source
    “Se establece la conformidad previa del BCRA para el acceso al mercado de cambios por parte de Personas Humanas residentes para la constitución de activos externos”

    bcra.gob.ar (opens in a new tab)Checked: quote matched on the page by script

    Argentina today: index 40.1

  3. India

    2004 → nowIn force

    Resident individuals may remit abroad, for current or capital account purposes, only up to USD 250,000 per financial year without RBI approval.

    Reserve Bank of India, Liberalised Remittance Scheme under FEMA 1999 and the FEM (Current Account Transactions) Rules (limit USD 250,000 per financial year)Primary source
    “all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction”

    rbi.org.in (opens in a new tab)Checked: quote matched on the page by script

    India today: index 60.6

Examples and their dates reviewed .

Further reading

7 more on capital controls