Argentina's banking and financial services sector faces an uncertain medium-term outlook. Although the administrationof former president Mauricio Macri substantially reformed regulations, the country is in the midst of an economic crisis and newlyelected President Alberto Fernández is set to shift toward more heterodox economic policies. Uncertainty over policy direction hasdriven capital outflows, triggering a market crisis to which the government has partly responded with capital controls. Banking,insurance, asset management and the stock market have all been negatively affected by the deepening recession and investors'attempts to pull capital from the country, which will see the growth of Argentina's financial services industry slow or reverse. Much ofthe industry's future will depend on the as yet undefined policies pursued under the new administration, particularly regarding itshandling of public finances and openness to foreign investment.
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