Urgent meeting of Argentine economic team as US dollar jumps 10% to 8.75 Pesos
President Cristina Fernandez called an urgent meeting on Wednesday evening of her economic team following a day of hectic trading in the currency exchange market which had the US dollar climb to 8.75 Pesos in the parallel market, expanding the gap with the official rate to almost 70%.
Attending the meeting were Economy minister Hernan Lorenzino, Deputy Minister, Axel Kicillof and the president of the Central bank Mercedes Marcó del Pont.
The 8.75 Pesos to the dollar of Wednesday represented a 10% increase in the value of the US currency in the parallel market and is attributed to the decision by the Tax revenue office, Afip to increase to 20% (from 15%) the extraordinary levy on travel, tickets and shopping overseas.
The previous week according to Buenos Aires City currency traders the Central bank would intervene at certain points to steer the value of the dollar avoiding peaks in the parallel market, however this week the bank has been absent.
Since the beginning of the year the US dollar in Argentina in the so called marginal market has soared 29% and the Central bank has lost over 2.2 billion dollars in international reserves which now stand at 41.1 billion dollars.
The current policy called the ‘dollar clamp’ and first implemented over two years ago is geared to ensure the Treasury and the central bank sufficient dollars since Argentina still has no access to the global voluntary money market because of its pending litigations with bondholders from the 2001/02 massive default.
For that reason it must work on its two surpluses: trade and budget. Policy to implement the first is well known by the complaints from trade partners. The second is out of control with a huge deficit that keeps fuelling inflation forcing savers to look for refuge in other strong currencies.
This week’s 20% levy on purchases overseas follows the first one of 15% first applied by the government of Cristina Fernandez on 3 September 2012. At the time the official dollar rate was 4.65 Pesos and the ‘tourist dollar’ the climbed to 5.34 Pesos with a gap of 19% with the parallel market that was then trading in the range of 6.37 Pesos for the greenback.
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What was that you were saying a month ago about the Argie peso only getting stronger?? hmmm, are you brainwashed or just stupid?
I think the destruction of the Argentine economy is anything but 'mundane' to the Argentine people. I think that the Argentine people being unable to buy food is anything but 'mundane'.
I also think that the Argentine people think that the tax increases are 'mundane' either.
This is my one & only comment about the Black Market Dollar, some 10 months ago ....:
13 Think May 23rd, 2012
”I have in my long and, at times, infructuous life, seen many dollar runs in Argentina.
The parallel Dollar can go where it wants to go…… The economy is strong.
In the meantime, honest citizens can still exchange 25% of their TAXED income into Dollars at the official rate.
In the meantime, the Argentinean Central Bank is capitalizing itself buying ~150,000,000 U$ a day. Its reserves are up to ~49,000,000,000U$ as per today, not bad at all.
In the meantime, our government can prepare an orderly devaluation of ~20% that, in my humble opinion, will soon be necessary to regain international competitivity and counter the recent Brazilian devaluations.
en.mercopress.com/2012/05/23/the-us-dollar-stronger-than-the-euro-in-argentina-s-parallel-market#comment127084
What has happened since then???
1) Honest citizens can NOT exchange 25% of their taxed income into Dollars at the official rate anymore.
A bad move….. It has, unnecessarily, allowed an illegal and quite small black market to thrive.
2) The Peso has officially and orderly devalued ~17% against the dollar.
(My unqualified guess was 20%)
3) Argentina has paid back ~12 billion of its external debt in 2012, with Central Bank reserves that consequently are down ~5 billion dollars.
(From 49 to 44 billion dollars.)
4) Our international competitiveness is positive, as all January & February 2013 statistics show…
5) As I said 10 months ago: “The economy is strong.The parallel Dollar can go where it wants to go…… ”
This is still the case…..
Sooooo; where seems to be the problem?
Photo caption doesn't use the word “divine”.
Maybe she's looking at the sky because she's worried it's about to fall on her.
I don't think one of them knows how an economy works and that is why they are so passive about this MASSIVE DESTRUCTION OF WEALTH. Over the last decade.
Argentina has been in recession since Nov 2011
There is not 1 large sector of the economy that is growing. NOT ONE. Everything is way way way down. Construction and Real Estate are probably the 2 most visible. These are in worse shape since 2001.
The parallel rate is the REAL exchage rate.
and why is this a problem
Argentina's economy is not self sufficient, they need components from the exterior so you need more and more pesos to pay for those components especially fuel and food.
So an exporter ( SOY CARS) receives $5.10 for their U$1 and then has to turn around and spend $8.75 for the same U$1 in the local economy.
Do you understand why exports are falling, Int'l companies are leaving and Industrial activity is falling?
CFK will send out cronies with bags of U$ to try to drive this down temporarily but it won't work
There will be a MASSIVE DEVALUATION, then HYPERINFLATION and a Generational DEPRESSION
The course is set it is just hard to predict when it will occur
but it is speeding up now that is obvious
I hate to say, no wait that is wrong I LOVE TO SAY
I TOLD YOU SO
Buy Sugar Rgs Buy Sugar
blogs.ft.com/beyond-brics/2013/03/19/argentines-go-for-gold-literally/#axzz2Nbu9F0GX
Something has spooked the market and that fear is compounding. Everyone is wondering if it's gunna turn into a rout.
9 by Monday?
Yup, markets are spooked and this is a massive jump in a couple of days. Once these things start it is very difficult to stop them, reminds me a bit of the fall of LTCM (snowball effect). Futhermore, the people that CFK has around her are the last people you would want to help in this situation as they are the people who have produced this situation by their inabilty to run an economy and are also positively encouraging this by their actions. 10% fcuk that's a lot
If that is the best you can come up with as a response to yankeeboy I am, in future, going to refer to you as I CAN'T THINK.
Perhaps your age is finally beginning to tell or maybe you cannot afford or get the medication you require to offset the marked deterioration seen in your cognitive faculties in the last few months, but be in no doubt, you are getting more ridiculous in your postings almost by the minute.
Could you really not find a picture that isn't a closeup of her trout-pout collagen reservoir? That picture is enough to put a man off his gravlaks.
I don't think they have bluebirds in Argentina .. and she has already monopolised the market in vultures ;)
BCRA funds are GONE. If they have U$9B left I would be really surprised. They are going to have to confiscate the remaining U$ to pay the gas bill.
If 9/1 is breached today it will be 10/1 by Friday, there will be a run.
It's funny I thought the oh so brilliant BCRA head said the Peso would stabilize after Summer.
I laughed then
and
I am laughing now
One of many I expect...
I am waiting to hear when ( not if) Ford and GM stop production.
Hard to assemble cars without parts.
i really think the 2001 crash and the subsequent sugat-high economy created by the Ks and other people's money is the final blow for many Int'l companies. The profits that could be made aren't worth the hassle with Uruguay Chile Colombia Peru Brazil all banging on their doors to invest why bother with a basket case?
Once Hyperinflation sets in they're done for...
I can smell the desperation from here
Sounds like there are no more U$ and no more to follow
How to you pay the gas bills without U$
Psst...you don't
If this is true then they have done a remarkable job of keeping their problems quiet. Apart from the meeting of the 3 monkeys in Olivios last night there has been very little about lack of dollar funds, or dollar related issues.
If there is U$9B at BCRA I would be shocked. The Soy crop this year is median and they needed a huge crop to make up the difference in FDI and car exports,
There is nothing that can “save” this economy on the horizon.
absolutly nothing
Wait until they ask for an IDB or WB disbursement...
These fools have made a very bad situation even worse
The only solution is to devalue to 16-20/1 to give the economy a sugar high and try to make it through the next election.
In the end it won't work
My guess is CFK will end up like Mussolini...guess/hope...same thing
I suspect that none of the old commies have thought of it though.
From my desk in the City I can already see people seriously taking notice of what is going on over there. When pricing transactions, we have risk, country risk and then something we call “Argentina Risk”. It is a mixture of risk and country risk with a strong measure of bat-shit craziness thrown in. I note that it is down at $8.61 so there has obviously been some profit taking on opening.
Maybe my child, you are being lied to here, my child. Or at least fed half-truths of real problems so that they are mendaciously exaggerated.
End the end you can't fight the market
and the market
is saying the new floor is way above 8.
There is a MASSIVE DEVALUATION right around the corner with
HYPERINFLATION to follow
How does one pay for gas when they can't get a loan and they've run out of other peoples money?
Any ideas?
That's not true, Stink, a couple months ago you commented on here you posted a website with the blue rate, on one particular day when the peso came back from the 8 threshold slightly, about two months ago.
You may not remember, but it did happen, Stink. I don't have the will or care to find the particular article/comment.
You say...:
“From my desk in the City I can already see” ......
I say...:
Well.... That's sounds impressive.......
From my desk in southwestern Patagonia I can't see much but mountains and sky......., but my computer shows me that it is down at $8.56 so there is obviously some profit taking going on in that minimal market ;-)
www.ambito.com/economia/mercados/monedas/dolar/
BTW that would be illegal in any civilized country.
One does wonder where these bags of cash come from...
BCRA
Anses
Bribes...surely she wouldn't be spending her own money
nah
Buy Sugar Rgs Buy Sugar
No mountains here (that's England for you) but I can see plently of sky and, on a good day, can see the whole of London spread out at my feet...
Curiouser and Curiouser as someone else pointed out today
One wonders why think posts all NIGHT from Patagonia...one would think he is really on the other side of the Atlantic and posting during the day like many of the “other” Rg posters
I tend to look here. Generally much more up to date. You can aslo follow them on twitter.
www.preciodolarblue.com.ar/index.html
Not with bags of U$ though
It is scary enough without drawing attention to yourself
Nothing beats www.ambito.com/economia/mercados/monedas/dolar/
They are our “Economist”
Even same ideology.
Oooooops...... More profit taking going on.... 8,51
Just seen it. They think that there are 4.1m tonnes of soy beans which they want to export...so, if they can find them, they'll chuck them on the market all at once and get much less than expected. You're right...they must be desperate for $US if they are having to do this. ..
“A bad move….. It has, unnecessarily, allowed an illegal and quite small black market to thrive.”
“A bad move...” !
Open criticism of the dear leader from her staunchest minion.
OP is right, barricade your doors, the start of the end is nigh.
For the Peso to be at $8.51 in this short of a time frame is ominous
If you don't think so it proves how ignorant you are about economics
He has come to the conclusion that Uruguay cant do business with Argentina and so is strenghening ties with Brazil instead
At last he has realised that Crissy is all “I want and I demand” What did he get in exchange? A toy train that only ran to its destination once
Under the decision of the ICJ the waters of the rio Uruguay have to be monitored. 22 reports have now been done but the Argentine delegates in CARU have prohibited thier publication Why?
Two new docks on the Rio Uruguay on the Uruguayan side are subject to CARU approval which the Argentine delegates in CARU wont approve. Why?
Argentina is trying to strangle my country and I dont like it
Well telling them what they want to hear all the time and supporting them on issues they are clearly wrong about wont make your plight any better. The only way to deal with a bully is a good hard kick in the nuts, so you better grow some.
A huuuge operation of some 2~4 million U$D a day!
Mr.Yankeeboy... Snort a looong line on me, it inspires you.....
Mr. Redpoll my angry yorugua neighbor.... Has Atucha exploded yet?
Mr .Condorito... Chilote lindo nomás............No comments.
Let's see how is going with the almighty dollar.... shall we ?
Ooooops.............. down again....................8,450
You keep an watchfull eye on it until I return, will you guys?
Chuckle chuckle
“small black market” OK, now I KNOW you're not in Argentina. Cause when I was there in 2012, EVERYWHERE I went I was shouted at to come exchange my dollars down some back alley or in some shitty mall (well its your high end malls, but to first worlders they look like some dilapidated remains of some Soviet era construction).
There was massive competition for my dollars, the ppl would almost get into brawls trying to win me into their particular den of dollars. It's funny cause this all went on RIGHT in front of police officers, who clearly didn't care. Which means that they're being paid not to care....or typical Argie laziness.
:-(
I am happy for him that he has managed a meek criticism of Dear Leader: “A bad move...” !
It is a small step but it is a step in the right direction...I can feel a Vals Chilote coming on...“'Onde va la lancha” maybe.
Hes also admitted that his government lies massively about inflation and ec. growth (which doesnt seem to bother him) and yet believes them when they say they have 50 billion dollars in the kitty. As well as being offensive, patronising, bitter, sexist etc. hes also highly inconsistent to say the least. I can't take him seriously.
Yes, praises to him for a meek criticism of CFK.
Now, it looks like the supple (unprincipled)
Bamboo shoot is starting to “bend in the wind” to weather the coming storm.
He'll be sucking up to the new regime very quickly and will undoubtedly throw CFK under the bus, if it means he will survive.
No integrity.
What a “Turnip”!!
www.buenosairesherald.com/article/126923/%E2%80%98there%E2%80%99s-no-need-to-worry-about-the-%E2%80%98blue%E2%80%99-dollar%E2%80%99-kirchnerite-deputy
The surplus in the trade balance in February fell 61 percent , to $ 521 million over the same month last year, according to Monday's National Institute of Statistics and Census ( INDEC .)
This result came from a 10 percent rise in imports, driven by higher fuel purchase, to 5.222 million dollars, while exports fell 6 percent to 5.743 million dollars.
Think about the fuel imports needed in the upcoming winter
This is why there is panic in their eyes and they're looking for ever grain of Soy, where oh where is my grain of Soy.
Even Iran wants Soy in return for the oil.
I will gladly pay you on Tuesday for a tanker today
Only a dream, but I bet she does,
All that wealth slipping through her fingers,
Still,
We can all wish, we can all dream,
But sooner or later reality kicks back in..
mmm
.
Is the popsicle an argie?
LOLs
John 7:53-8:11
8 1 but Jesus went to the Mount of Olives.
2 At dawn he appeared again in the temple courts, where all the people gathered around him, and he sat down to teach them. 3 The teachers of the law and the Pharisees brought in a woman caught in adultery. They made her stand before the group 4 and said to Jesus, “Teacher, this woman was caught in the act of adultery. 5 In the Law Moses commanded us to stone such women. Now what do you say?” 6 They were using this question as a trap, in order to have a basis for accusing him.
But Jesus bent down and started to write on the ground with his finger. 7 When they kept on questioning him, he straightened up and said to them, “Let any one of you who is without sin be the first to throw a stone at her.” 8 Again he stooped down and wrote on the ground.
9 At this, those who heard began to go away one at a time, the older ones first, until only Jesus was left, with the woman still standing there. 10 Jesus straightened up and asked her, “Woman, where are they? Has no one condemned you?”
11 “No one, sir,” she said.
“Then neither do I condemn you,” Jesus declared. “Go now and leave your life of sin.”
Palabra de Dios
Amen
Your last comment that Jesus went to Mount Olive is not only sacrilegious but pornographic
As for you Mr Think ensconced in western Chubut (you learnt Welsh yet?) yes I am an angry yoruga .
Ok Atocha hasnt exploded yet If you knew your physics nuclear plants dont usually explode but an accident through malfeasance leaves a large trail of Caesium 90 and other radioactive matierial downwind
So put your next nuclear plant in Chubut and you will get the radioactive fallout, not us
It could light up your ideas to incandescency my friend.
Doesn't help with their cash flow issue getting through the winter and having enough gas.
That is a whole different issue that will need to be addressed shortly.
Reynaldo/Sussie is too stupid to understand anything.
I bet he will soon learn what recession means when the economy “deep-sixes” and CFK takes off to escape the mob.
So it all depends on if she is still around when they take this measure.
AtuchaI and II havn't exploded, yet....
AtuchaI and II havn't melted down, yet....
AtuchaI and II havn't had any accidents, yet....
AtuchaI is in full generation since its inauguration in 1974...
Atucha II will start next July and will be fully operational by October....
Having said the above.....; the decision of placing AtuchaI (1968) and AtuchaII (1981) on the Paraná banks some 100 km upstream from Buenos Aires was absolutely idiotic.
Taken by two absolutely idiotic military dictatorships.
No question about it.
I found you! I'm so happy. Why didn't you reply to me? All that effort you out into your post.
Come and have a read guys:
en.mercopress.com/2013/03/20/before-his-coronation-mass-francis-talked-to-the-catholics-gathered-in-plaza-de-mayo#comment230924
“absolutely idiotic”...isn't that Webster dictionary's definition of Argentina? If those people who did that were absolutely idiotic, and produced offspring (your generation), wouldn't it stand to reason that you too would be “absolutely idiotic”? ;)
To me there is nothing wrong with the idea of generation of electricity with nuclear power but unfortunately humans sometimes get in the way!
Witness the accidents at Windscales (UK), Three Mile Island (USA) and Chernovyl to name but three
And that is why I am opposed to nuclear generation
Really Mc Think you comment on another thread about IoM, Jersey etc. You really must do your research properly or you will never become the next head druid at the next Eistedfodd in western Chubut
Anglo - yes, another epic fail-blog by “teen troll toby”
Thanks for the read:
en.mercopress.com/2013/03/20/before-his-coronation-mass-francis-talked-to-the-catholics-gathered-in-plaza-de-mayo#comment230924
FYI Nuclear Power plants certainly wouldn't make it on my list!
hahaha
I took my entire family skiing this past winter and paid about half the official rate.
How is all this possible? Easy, as though bribery you can just do about anything.
A 20% haircut is reasonable and predictable. Let's hope it does not become 50%... Although I'd love to go shopping in BA if it does.
Thank God you have CFK, it makes it so much easier to accept another term of OUR next president in Chile...
Nice to see your name again.
Hope your “thing” is getting better.
Not one second too early to sing “Las Mañanitas” for la Presidenta de Chile ;-)
You really should do your research my man before spouting off about British jackboots on the Isle of Man and the Channel Islands
The Isle of Man isnt part of the UK and has the oldest parliament in the world. Its called Tynwald. You as a skandahovian may dispute that the Icelandic Folkting is even older
The Manx goverment cedes questions of defence an foriegn policy to the UK governmen. Manxmen send no MP to Westminster
Bit Like the FALKLANDS isnt it?
As to jackboots the FALKLANDS sufferered that for 74 days The goverments of the Channel Islands suffered for four years under the National Socialist boot = Nazi which is the way your govt is going
The States of Jersey and Guernrsey refer to “our Queen. Duke of Normandy”
So wise up old man before you display your terminological inexatidudes( = lies) on these threads
Even the Soviets learned to maintain a strong currency.
As for me, I'm somewhat doomed as the thing has returned with a vengeance. All I can do is enjoy each day as it comes. You are holding your arguments quite well, but you and I know, the corruption of your government is beyond control.
I salute you with a dram of single malt tonight and congratulate your debating skills, but you know that CFK is as corrupt as the president of Nigeria.
You say…:
”…..you know that CFK is as corrupt as the president of Nigeria.”
I say….:
No, she is not.
As I have said before:
Cristina is not my Queen...
She is not even my Princess…
But she is our President and, all things equal, she is a brave Woman in an impossible post.
The way she and her family made their fortune of ~15-20 million dollars may be unsavory...... but not illegal.
Some of the old and new big property owners along the Andes around me have, during the last years, made as many millions through land speculation, willingly aided by corrupt local, provincial and national authorities.
You are lucky on the other side of the mountains…
You corruption control is much better than ours...
Some lessons to be learned, undoubtedly...
Anyhow……
Sincerely hoping you get many good days and plenty of shopping tours to BA……
I wish you the best.
I think you are missing some zeros
and everything is legal when you control the courts
My hope is she is dragged through the streets like Mussolini...
Won't be long now
#42 “Open criticism of the dear leader from her staunchest minion.
OP is right, barricade your doors, the start of the end is nigh”
But I thought I was her staunchest minion =) From Britain I can't say one way or another whether she or her team made “a bad move” on the point of detail Think mentions, the point is that overall the prophets of doom are wrong. And btw Think has always been, in my experience, a “thinking” man =) He's never been a Cristina sycophant (I may have been more so at times; maybe in part to annoy the British right but always based on heartfelt admiration of this amazing lady!) I certainly don't think he's about to “throw CFK under the bus” (#52) and I certainly am not, nor are her millions of active supporters, its a little thing called solidarity that your side don't really get =) Tbh I'm more worried about her throwing herself under a bus by not reforming the constitution and sacrificing her re-election for the greater good; even if tactically wise, that would still be bittersweet for me =(
We are gathered here to monitor the developments of the Black Market Dollar in Argentina...
A huuuge operation of some 2~4 million U$D a day!
Let's see how is going with the almighty dollar.... shall we ?
Ooooops.................... down again......................... 8,25
www.ambito.com/economia/mercados/monedas/dolar/
You keep an watchfull eye on it until I return, will you guys?
Chuckle chuckle
www.ambito.com/economia/mercados/monedas/dolar/
Argentinians are too stupid to realize how much wealth has been stolen in the last decade.
Much too stupid.
last time this happened the Austral was changed into the peso at 10,000/1.
retards
If the journalist who created such a decadent editorial wanted to inform people correctly about thsi question, he would tell in his report that the paralell dollar is just a small and illegal market which doesn't have anything to do with the popular economy.
The problem with this paralell dollar is that it's distorted by the most powerful mediatic corporations, which have a very big push of power with c. f. k's govt. They try to convince people, telling them that if the paralell dollar increases it's prize dramaticly, the economy is going to collapse, which is actually what those corporations, and the richest sectors of the society are looking for since 2008.
But what many people don't know, is that c. f. k's govt. could tolerate six financial coup d'etats. In fact, flight capitals since 2007 untill 2011, was much bigger than during the periods of the dictatorship, the decades of the 80's, 90's, and the crisis of 2001. However the economy didn't collapse, like in all the rest of the periods that i mentioned, which provoked terrible social and economc crisis, and it won't collapse either, despite the expressions of the wishes of some people in this forum, the rich people, and some mediocre journalists.
Argentina has a dramatic experience in economic disasters, that's why some people think that if the paralell dollar increases its prize, it will affect the popular economy, the biggest problem of those people is misinformation. However, at the same time that those people manifest to be concerned about that question, they continue taking credicts, in fact, the banks were the most benefited thanks to the kirchner's policies, because they gave much more credicts for adquiring different goods, instead of giving credicts for inverstments.
On the other hand, this editorial doesn't tell that the so called dollar clump stopped the flight capital. Many people someday will thank c. f. k. for what she's doing for the country.
Get used to the idea that you will never have the islands. You see in the modern world that your corrupt politicians keep talking about , people have rights!
It doesnt matter if the Islands were taken from the River Plate or not, it would not be the modern days Islanders fault and in the modern world they have rights, it seems Argentina is not so modern after all
The only countries who agree with you are your pals next door or former Uk colonies that were wrongly taken over. But the UK have now given them back, the reason you will not be getting the Islands is because they werent your anyway.
Argentina are trying it on and have done since after WW2, can you explain the decades of no claims and also treaties being signed saying there were no issues between the UK and Argentina?
Remember a while back someone saying your wage raises at some point couldn't keep up with inflation. Psst guess what they aren't.
It is idiots like you that have allowed your country to get poorer and dumber every generation since that devil Peron 1st suckered everyone.
As you can see, it's been a long time without answering your comments.
For being honest, i have decided some months ago not to continue wasting more time with such reactionary and decadent people like you, thats' why i haven't answered your comments since a couple of months ago.
It doesn't sorprise me in absolut that somebody so reactionary and mediocre like you expresses that i should be imprisoned and kept away from the children i teach. Your reaction is the tipicall behaviour of authoritarian people who just insult, and don't give any argument but insults and miserable comments.
I have never considered that neather you, nor any other conservative and pro financial sistem should be imprisoned. You and everybody else have right to think whatever you want, and you don't have to be imprisoned for expressing your ideas.
It's pretty obvious that we won't never agree on ideas about economic issues.
Beside, i have never been interested in persuading absolutly anybody in this forum about my ideas, actualy what i want to do, is to tell what mediocre journalists omit about my country, in the too partial reports that they often publish in the press.
However, wether you or everybody else take what i say, is absolutly irrelevant for me, i just want to tell about what is omitted about argentina's situation in all these mediocre and decadent reports.
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