Argentine foreign currency credit cards included in the strict dollar “clamp”
Credit card companies operating in Argentina have also fallen under the net work of the tax office AFIP, and now must request authorization and approval to purchase US dollars to balance their clients’ accounts.
According to the Argentine financial media the focus now is on the credit cards companies which purchase dollars in the local market to compensate their affiliates overseas and cancel foreign currency expenditures by card holders which in the last two months averaged 400 million dollars.
Credit card holders when purchasing overseas automatically have their bills compensated with US dollars traded at the Argentine official rate (considerably cheaper than at the parallel market) and was one of the few loops left in the current foreign currency restrictions policy or ‘clamp’ imposed by the government of President Cristina Fernandez.
According to official central bank data during the first four months of this year the average expenditure with credit cards overseas by Argentine residents doubled compared to the same period a year ago. Last February, March the average was 304 million dollars and twelve months before, 179 million dollars.
Foreign currency credit cards are one of the last resources that Argentine residents have when travelling overseas.
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I wonder how long they can hold on?
Desperate measures
For desperate leaders
In a desperate country.
Some model.
and its SWEET!!!!
I can still use/buy/sell dollars and i will continue to do so regardless. The K's, Moreno and all these bunch of thugs and idiots can go die for all i care.
So, I expect a fall this year in the number of Argies on holiday as no-one in their right mind is going to accept ArgieCrap© Pesos, even on credit card.
What a terrible restriction! Aren't you supposed to be against currency restrictions?
There are, but they are also against providing a service and then getting paid in a currency with which they can do nothing or not getting paid at all...
You really must pay greater attention. The problem is the people of the world (not just Uruguay) getting their money for services rendered to Argentineans.
Your queen, The Mad Bitch Of Argentina has:
1) Refused to honour the ArgieCrap© Pesos so that anyone presenting this toilet paper for redemption against the USD is refused. How does Uruguay obtain value for all the ArgieCrap© Pesos it would have taken without ensuring payments were made on a credit card in USD? TMBOA killed the working scheme of many years in early 2011, whereby ArgieCrap© Pesos were collected by the Uruguay Central bank and delivered to the Argentine Central Bank for swapping into USD which were then brought back to Uruguay.
2) TMBOA has now brought credit cards held by her own people into the 'clamp', aka pay your money to me scheme: she still has her money and that of Golden Bollocks Kickitoff in USD.
3) The 'government' (an oxymoron if ever there was one) of Argentina has gone through the applications for dollars by the people who want holidays out of the hell hole they presently live in, or travel on business AND GUESS WHAT? They have had the dollars (when granted by the 'government') AND NOT GONE AWAY!!! Who would have thought that? Anybody with half a brain I would imagine. And guess what these 'criminals' have done with THEIR money? They have used it to buy cars, etc. that won't devalue like the ArgieCrap© Pesos will!
Do you get it now? If you lived in Argentina you would understand the problems that you 'queen' is causing. But, hopefully, not for much longer: the rope is being made now for her turkeyneck.
You still have not denied you are a Glaswegian.
:(
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