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Montevideo, March 29th 2024 - 11:51 UTC

 

 

US dollar soars in Argentina and is just a few cents away of 9 Pesos in the parallel market

Wednesday, April 24th 2013 - 22:50 UTC
Full article 47 comments

The US dollar in Argentina’s ‘blue’ or parallel market skyrocketed on Wednesday to 8.91 and 8.94 Pesos, beating the previous record of 8.75 Pesos from March 20, previous to Holy Week. The official rate meantime remained relatively stable and closed trading at 5.13 and 5.18 Pesos, which means the gap between the two markets stands at 71%. Read full article

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  • Chicureo

    Well it's amazing that the Peso still is in the sub 10 to 1 range...

    Apr 24th, 2013 - 11:49 pm - Link - Report abuse 0
  • smokestack

    Yep, there's money to be made here at the moment.
    It is the financial wild west here in Argentina.
    vamos a todos!!
    If your'e not taking advantage of Kristina's catastrophic management of the economy, you should be.

    Apr 25th, 2013 - 12:01 am - Link - Report abuse 0
  • Optimus_Princeps

    I wish I was still translating documents into Spanish for that mining company. Oh wait, they suspended their operations because they were tired of throwing away a quarter million USD a month to bribe some corrupt idiots to get their equipment through.

    Sure enough, if one corrupt scum bag is getting some coin, more start looking swarming like roaches for excuses to increase the “exception fee”.

    Apr 25th, 2013 - 12:57 am - Link - Report abuse 0
  • Anglotino

    I THINK I remember someone crowing about how the rate dropped after it reached its last peak in March and here we are again.... even higher.

    71% difference between the “official” rate and the market rate.

    Stupid politicians. Destroying the entire economy to pay off debt.

    There's no devaulation coming to help the economy because Cristina can't do it.

    Apr 25th, 2013 - 01:12 am - Link - Report abuse 0
  • John Troll the 3rd

    Wait... wasn't it that debt should be paid at all costs??

    Or is this just more double-talk about the anglos, as usual?

    Apr 25th, 2013 - 01:15 am - Link - Report abuse 0
  • Anglotino

    And there you have Nostrils take on economics!

    No wonder this country is falling apart if this is what they teach at “university”.

    Debt should be paid..... at all costs? What a dumbass thing to say.

    Destroying your income base to pay back debt is an even bigger dumbass thing to do.

    Apr 25th, 2013 - 01:37 am - Link - Report abuse 0
  • John Troll the 3rd

    Of course it should, except debt that was picked up by opportunists like Singer, who will not see a cent, I'd say debt should be paid. I don't give a shit about the Italian and German elderlies that took our debt, but they should be paid the restructured amounts.

    Apr 25th, 2013 - 01:39 am - Link - Report abuse 0
  • Britworker

    @7
    Are you trying to deflect from the fact that your population would rather keep dollars than your own currency? Maybe they think something terrible is on the horizon the Argentine Peso will soon become worthless. Just a thought.

    Apr 25th, 2013 - 06:14 am - Link - Report abuse 0
  • Conqueror

    @7 Well, there's a lovely dumbass comment “I don't give a shit about the Italian and German elderlies”. So argieland preys upon those least able to defend themselves. But that's always the argie way. The Falkland Islands. Send FOUR naval task groups and 66,000 troops to overcome 1,500 peaceful civilians and 80 Royal Marines. Except that THEY had, and still have, a PROTECTOR. Who popped down to kick argie arses and turn them into mincemeat. But did it “nicely”. Only killed 649. Why wasn't it 6,490? Or more? With the entire argie “navy” cowering in port, why didn't we go in and sink the lot? But perhaps we can see Mr Singer as a protector. Once the court has ordered argieland to pay NML et al, perhaps “the Italian and German elderlies” can follow the argie example. Tear up the “restructuring” agreements and demand payment in full. Plus interest. Love to see that. Argies starving to death as they work (that'll be new) to pay off their debts. No imports, no exports. No “foreign” travel. Stay there and work until you drop. And who would care? Argieland has done nothing but steal for around 200 years. Time for some payback. Live in caves. Or turn all population centres into “villas”. Perhaps, in 10 or 20 years, you might learn some humility. Or at least that the world doesn't owe you a living. World population is currently estimated at 7,081 million. Who's going to miss 40 million useless thieves? Leave it a few years and they'll decompose into the soil. A lot of them are pretty decomposed already.

    Apr 25th, 2013 - 10:12 am - Link - Report abuse 0
  • yankeeboy

    I'm still thinking the panic number is 10/1.
    Once the panic sets in there will be nothing the gov't can do to stop it

    If Argentina was a serious country this would be all over the Int'l news.

    Think about what has happened since 2001
    EVERYONE IN THE Country is has 1/9 of the savings that had at 1:1
    Shameful

    Apr 25th, 2013 - 12:03 pm - Link - Report abuse 0
  • manchesterlad

    The dollar at 9/1, the reforms to the justice system giving the government majority control, soon they'll be able to pass the media law controlling the press, and with control of the central bank what do we end up with?

    Control of Courts + Press + Banks = Dictatorship!!!

    Apr 25th, 2013 - 01:56 pm - Link - Report abuse 0
  • John Troll the 3rd

    @10

    Have you checked your savings? Compared to other fiat currencies you have less then 1/2 you did in 2000 vs teh Euro (0.78 vs 1.35 now), yen (130 vs 85 now), Australian/Canadian (back then 2 for one USD, now you get 1 to 1).

    Against a real asset like gold, you have 1/8 of your money!!! 2000 gold price: 220 ... today: 1.500

    Funny how you are so much poorer and don't even realize it.

    Meanwhile in Washington: print, print, print, print... hahahahaha.

    Apr 25th, 2013 - 02:09 pm - Link - Report abuse 0
  • yankeeboy

    12. I am not happy with the devaluation of our own currency at all. I agree completely, it is scandalous! I saw this coming a long time ago so most of my savings are in hard assets, real estate, precious metals and Stock market so I'm doing just fine thanks. My savings is for retirement and that is a long long way off. I'm not worried.

    What your numbers say though is that instead of having 1/9 of your savings it is actually much much worse since that number is based on U$.

    Apr 25th, 2013 - 02:19 pm - Link - Report abuse 0
  • John Troll the 3rd

    Wow, you actually admitted a truth presented to you.

    This is a surprising tactic. Not sure how I can troll you now.

    Apr 25th, 2013 - 02:25 pm - Link - Report abuse 0
  • yankeeboy

    Toby, I have never said the USA is perfect. Especially since we have a Collectivist-in-Chief trying to destroy it.
    One of the reason I am on this site and read some much about Argentina is because I don't want the USA to turn into Argentina.
    Peronism has destroyed Millions of people's lives and generations of productiviy it could so easily happen here too.
    Luckily we have a more educated citizenry, cherish our individual rights and respect law and order so it is harder to do here.
    There are big changes coming to the USA in the next few years and I hope that they are in the right direction.

    Apr 25th, 2013 - 02:34 pm - Link - Report abuse 0
  • John Troll the 3rd

    Oh please stop. I can't troll if you act like this. Go back to the way you always were, distorting the facts, putting false information (like Mercopress), focusing on the negatives of Argentina and exaggerating them 1000% fold, and always dodging the problems of your country or actually denying them altogether.

    Please.

    Apr 25th, 2013 - 02:46 pm - Link - Report abuse 0
  • yankeeboy

    Oh sorry do you think 9/1 is an exaggeration? What's better 8.94/1
    Bahahahaaaa
    Twist

    Apr 25th, 2013 - 03:00 pm - Link - Report abuse 0
  • Captain Poppy

    Yankee I think he panic has already begun. I know a few well off businessmen in BA, Harvard educated (free freaking scholarships no less, always the foreigners) and they started moving moving and preping for a collapse.

    Apr 25th, 2013 - 04:09 pm - Link - Report abuse 0
  • DanyBerger

    Oh! come on Yankeeboy we want the old Yankee bobo the one that buys T US Bonds, and buys shares of Lehman Broke.

    will you come back please????
    thanks

    Apr 25th, 2013 - 04:13 pm - Link - Report abuse 0
  • Condorito

    Are there any calls in Argentina to use the USD as the national currency (like Ecuador)?

    Apr 25th, 2013 - 04:48 pm - Link - Report abuse 0
  • yankeeboy

    Ahh there it is $9.12/1

    Where is Think?
    Wonder why he isn't posting?

    Apr 25th, 2013 - 05:06 pm - Link - Report abuse 0
  • Anbar

    “”Where is Think?
    Wonder why he isn't posting?“””

    .... there was an emergency at the hospital where a man had his hands permanently stuck inside dozens of pairs of socks and had collapsed from starvation after being unable to feed himself.

    He'd been pounding on the walls of his flat for days seeking help but the neighbors simply assumed he was masturbating more than usual and ignored the cries.

    The Royal British Legion have denied any of their members were involved in any of this and, indeed, that none of the socks were theirs either.

    Apr 25th, 2013 - 06:00 pm - Link - Report abuse 0
  • yankeeboy

    It makes me sad that he never turns up when it gets exciting.
    Maybe he is mourning the death of democracy
    They can't even pretend they have one now

    Apr 25th, 2013 - 06:09 pm - Link - Report abuse 0
  • Captain Poppy

    Yankee......with all the persona shifting going on, they sometimes forget a personality or two. That's why some disappear for a few months at a time.

    Apr 25th, 2013 - 08:21 pm - Link - Report abuse 0
  • Patagonico

    http://www.youtube.com/watch?v=O4zAXjXNFHI
    Just to share...
    From an interview of the our minister of economy, when inflation is mentioned he gets nervous, asked to cut the program and says “me quiero ir” =I want to go...(!!)
    I ashamed of the govt that represents us but when you see attitude like this you don't know if to cry or to take it with humour....

    Apr 25th, 2013 - 08:38 pm - Link - Report abuse 0
  • Condorito

    25
    That is f*cking hilarious.

    “You can’t ask the minister about inflation...we don’t talk about inflation...”

    I wonder why?

    Apr 25th, 2013 - 08:56 pm - Link - Report abuse 0
  • Anglotino

    Me quiero ir!

    PMSL

    Apr 25th, 2013 - 09:01 pm - Link - Report abuse 0
  • Anbar

    lool

    no doubt Argentines will write the entire interview out of their collective history - “It never happened!”

    Apr 25th, 2013 - 10:04 pm - Link - Report abuse 0
  • Welsh Wizard

    And it ends the day at 9.20. Big jump in one day...again

    Apr 25th, 2013 - 10:20 pm - Link - Report abuse 0
  • DanyBerger

    Dollar still $5.13 boys sorry next time perhaps...

    Apr 26th, 2013 - 07:20 am - Link - Report abuse 0
  • Captain Poppy

    Only because they do not allow it to be subjected to demand forces. At 5.13 their trade account will go bust in it's current trend.

    Apr 26th, 2013 - 10:07 am - Link - Report abuse 0
  • yankeeboy

    Dollar still $5.13
    That is why there is no Int'l investment, trade is rapidly falling, mfg is falling and EVEN FARMING IS UNPROFITABLE

    Stupid Rgs

    Apr 26th, 2013 - 11:33 am - Link - Report abuse 0
  • DanyBerger

    Who cares of farming?

    industries and companies having all taxes in order and other stuff can have access to USD at that value. I buy imported stuff from Belgium and Germany and I pay the dollar at the official exchange rate.

    Only people with not good documentation backing business activity or having tax problem record or speculator in the black illegal market cannot buy it. also in my credit card the bank charge me at official exchange rate for USD when buy abroad.

    So for business, people with good tax record, etc dollars are available at that price.
    There some people that declare to earn 6000 pesos at moth and want to buy a million dollar you cannot buy that much anywhere in the world at least you go to a yank bank specialist in the Cartel of Juarez in US.

    Apr 26th, 2013 - 12:58 pm - Link - Report abuse 0
  • yankeeboy

    Who cares of farming?

    Do you know anything about Argentina? SOY is your largest hard currency export.
    It is what is used to pay for your fuel

    Do you get dumber every day? I dont' see how it possible considering where you started but your posts are delusional and make little sense to the rest of the world.

    Apr 26th, 2013 - 01:05 pm - Link - Report abuse 0
  • Captain Poppy

    Yankee you are wasting your time talkin to RG/Europeans.

    Apr 26th, 2013 - 03:15 pm - Link - Report abuse 0
  • yankeeboy

    $9.34/1
    Cap, I hope your wifes family has enough U$ stashed away because there is a very good chance this is going to get really ugly really fast.

    Apr 26th, 2013 - 07:48 pm - Link - Report abuse 0
  • Captain Poppy

    Fortunately they do. Physcians, a lawyer and a few MBA business men. I wish I could get them out. I feel like it's the Berlin wall being built.

    Apr 26th, 2013 - 09:11 pm - Link - Report abuse 0
  • yankeeboy

    It is hard for people to move here. I wish them luck my friends are having a tough time too.
    I just emailed one of them and told him he better get out while he still could.

    Apr 26th, 2013 - 10:51 pm - Link - Report abuse 0
  • Captain Poppy

    What's with these trolls? They are obviously not Argentines yet they support vigorously, stupidly but vigorously. The Stevie reminds me of a pissant. Not matter
    what you do, he always come back.

    Apr 27th, 2013 - 12:26 am - Link - Report abuse 0
  • DanyBerger

    @yankeeboy

    “Do you know anything about Argentina? SOY is your largest hard currency export.”

    Nope this its a tale coming from the crappy media like Clarin Miente, La Destruccion, BA Herald, etc. who some of the owners (share holders) are in the farming business like José Aranda owner of Copra SA and vice president of Clarin Miente who also is partner of Geroge Soros.
    http://informeurbano.com.ar/Los-negocios-de-Clarin-y-George-Soros-inundan-Corrientes-y-generan-una-tragedia-ambiental/2440/

    If you see Arg. GDP composition by sector you will realise that only 7.5% is generated by the farming sector.
    agriculture: 7.5%
    industry: 33.4%
    services: 59.1%

    If the GDP nominal of Argentina is 500bn the farming sector only produce USD 37.500bn as a whole.

    Most of that production is consumed at home with the exception of soy and surplus in production that are exported.

    Argentina had exported in 2012 USD 85.36bn

    So as you can see not even exporting the whole production of the farming sector and leaving 40 million people starving, the farming sector can archive the status of the “largest hard currency export” sector.

    The largest hard currency export sector is the industrial sector what together with services sector exports are responsible abut the 75/80% of the total exports from Argentina.

    This also explains why the industrialised states in Argentina are the richer and why the farming states are the poorest exporting poverty to the industrialised states.

    Buenos Aires state region, the most industrialised in Argentina, are responsible for the half of the GDP of Argentina.

    Apr 27th, 2013 - 03:56 am - Link - Report abuse 0
  • yankeeboy

    39. I've never really bought into the notion that they are paid posters but maybe they are? Jobs are scarce, the gov't can print as many pesos as they need to fund La Campora. Gov't jobs are growing exponentially to mask the layoffs.
    If you look at someone like Think, read into his posts, there is absolutely no way he has been to Argentina since he fled in the 70s. He has an idealized fantasy of what he wants to happen there that doesn't match up with reality. Plus he always posts when we are asleep on this side of the Atlantic.
    Stevie is either Toby or Guzz or both or Think could be all 3
    I really can't imagine someone having the passion to keep up the personas but there is a lot of crazy out there.
    The last time Think got really mad is when I pointed out it was statistically impossible for so many Nordic Retournados living in the exterior to have found this site AND post on a regular basis.
    It is just not possible
    Yet there you are
    not a smart people

    Apr 27th, 2013 - 01:10 pm - Link - Report abuse 0
  • Captain Poppy

    I go with stevie is guzz and think, not so much toby. toby is too immature, there other two are just strange

    Apr 27th, 2013 - 02:57 pm - Link - Report abuse 0
  • yankeeboy

    It is as easy to rile up Toby as it is Think and with the same tactics.
    Both think they are smarter than the average bear but are really dumb as a stump.
    I have had to spend a lot of time lately at my desk and this is such a fun diversion! I bet when the economy goes into full collapse all of our regulars will be gone. Then what will I do!

    Apr 28th, 2013 - 11:51 am - Link - Report abuse 0
  • Anglotino

    Yankeeboy

    Maybe we can sponsor them like some African orphan through World Vision?

    We both win. They eat and we get entertainment.

    Apr 28th, 2013 - 12:34 pm - Link - Report abuse 0
  • Captain Poppy

    MNL responded, didn't the courts say they will have an answer in a few weeks? That will really move the bond prices and value of the peso further along. For the life on me, the really cannot image what is going through that head of hers?
    This was an interesting blurp where the head of Banco Cuidad called her policies unprofessional.

    http://www.buenosairesherald.com/article/129789/blue-dollar-has-no-roof-govt-destroys-peso

    I find it utterly impossible that the people on this site that support her live in Agentina. Stevie is definitely Guzz, maybe not Think....but who really knows, they are all Sybil to me.....lol

    Apr 28th, 2013 - 12:37 pm - Link - Report abuse 0
  • yankeeboy

    45. We should hear from NYC rather quickly. I would bet they want to get it settled before June's interest payment. I can't imagine SCOTUS will hear the case and may tell them flat out really quickly too.
    US Treasury made a report about Argentina to Congress and basically said they were lying scofflaws and needed to be brought to heel. That's the 1st public statements they've made.
    USA is gonna make them hurt

    Apr 28th, 2013 - 04:02 pm - Link - Report abuse 0
  • Captain Poppy

    I cannot believe for a nanosecond either that SCOTUS will touch that case and for a lot of reasons.
    So what does Argentina have hanging over their economic heads at the moment?

    Appellate decision
    IMF sanctions
    which will cause G20 decision on their membership
    the peso in a downward vortex
    Farmers holding onto grans and not selling
    effecting a trade deficit
    shortages of fuel supplies going into winter

    Yeah, they're not in crisis as stevie said.

    Ask Argentina about economics and the answer you get? mi quiro ir !! Sums up the actions of international business in Argentina......perhaps he was paraphrasing?

    Apr 28th, 2013 - 06:40 pm - Link - Report abuse 0

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