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'Parallel dollar holiday' in Argentina until after Sunday's election is anticipated

Thursday, October 24th 2013 - 07:54 UTC
Full article 19 comments

Despite a full-fledged crackdown on the 'cave-exchanges' in the financial sector of Buenos Aires the 'parallel' US dollar ended Wednesday trading as on the previous day at 10.05 Argentine Pesos while the official rate stood at 5.82 Pesos (buying price) and 5.87 Pesos (selling price). Read full article

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  • Welsh Wizard

    I think they will tighten controls. This is Axel we are talking about and, if he has anything to do with it, the policy implemented will be heavily slanted towards the bit-shit crazy side of things...

    Oct 24th, 2013 - 08:33 am - Link - Report abuse 0
  • zathras

    The Central bank daily report shows that it had a net loss of 70 million dollars to keep the official rate in the range of 5.85 Pesos to the greenback.

    Have I misunderstood? Costing $70 Million per day, that's $25.5 BILLION per year.
    No wonder the Argentinian economy is so mucked up.

    It is so strange in the UK we have foreign currency exchange rates which are set by the market, and just well...work.
    Local variation allows one to shop around, and rates rises and fall, then rise again.
    The Argentinian economic model and Venezuela for that matter, seems to be have been made up by children. Does anyone understand it?

    Oct 24th, 2013 - 09:58 am - Link - Report abuse 0
  • ManRod

    the messi dollar (10).... exquisite xD

    Oct 24th, 2013 - 11:00 am - Link - Report abuse 0
  • Optimus_Princeps

    @2 I don't think anyone understands it. Earlier this year I think I made a comment about needing to be thrown into a dryer with Marx's Manifesto, a 5th of scotch, and a bag of rabid cats to understand their way of thinking.

    4 years ago it wasn't this bad. Nestor was a terrible human being, but he was the type that twisted the knife slowly instead of going on a hag's rampage like CFK.

    Oct 24th, 2013 - 11:53 am - Link - Report abuse 0
  • Klingon

    We can all agree on one thing, it is going to get interesting here in the next few weeks. Every Argentine I know has their cards maxxed out oon the eve of the elections.

    Oct 24th, 2013 - 11:58 am - Link - Report abuse 0
  • yankeeboy

    How stupid do you have to be to think that Storm troopers can control an exchange rate?

    Oct 24th, 2013 - 12:34 pm - Link - Report abuse 0
  • redp0ll

    @1 Axel? You mean Kicilof (or more aptly Killusoff). Doesnt that smart Alec have a house in Colonia Uruguay? Perhaps it would be interesting to find out where he gets the foriegn currency to pay his Uruguayan expenses

    Oct 24th, 2013 - 12:42 pm - Link - Report abuse 0
  • yankeeboy

    7. Probably bags of U$ are delivered monthly to his office.
    SOP for Rg Gov't officials is it not?

    Oct 24th, 2013 - 12:51 pm - Link - Report abuse 0
  • Welsh Wizard

    @7 yup. None of this is CFK, she doesn't understand economics. This is all Axel. He is driving all economic policy and is a firm believer in a couple of things:

    1. Marxist economics works
    2. Inflation has NOTHING to do with the increase of yoy monetary base

    There are a number of other things but frankly I'd rather paint the wall with someone elses shit than give it any time.

    The result is that Argentina is going to have a number of different exchange rates in the future.

    Oct 24th, 2013 - 02:18 pm - Link - Report abuse 0
  • redp0ll

    So the blue dollar men have run for cover and arent selling greenbacks. I wonder why.

    Oct 24th, 2013 - 03:12 pm - Link - Report abuse 0
  • pgerman

    “Marxist economics works”? Does anyone of you believe that a populist and peronist Government is marxist?

    It's just “Capitalism of Friends”, I mean a corrupt capitalism....

    Oct 24th, 2013 - 03:15 pm - Link - Report abuse 0
  • Jonaz_BsAs

    I am so happy I got my a** out of this poor excuse of a country. I hope the voters eviscerate the K regime on Sunday - Argentines certainly deserve a better future.

    Oct 24th, 2013 - 03:24 pm - Link - Report abuse 0
  • pgerman

    @12

    we have always gotten what we deserved..we, the argentines, the 52% of our people, voted for her...if we want to change our present, and our future, it's on our hands !!!

    Oct 24th, 2013 - 04:28 pm - Link - Report abuse 0
  • Klingon

    I wonder why the cuevas just don't hire bums to walk down Florida yelling “Cambio, Cambio” behind all the AFIP agents.
    Soon have them in a Tizz

    Oct 24th, 2013 - 07:11 pm - Link - Report abuse 0
  • ChrisR

    Well, it's going swimmingly, isn't it?

    Ha, ha, ha.

    Oct 24th, 2013 - 07:38 pm - Link - Report abuse 0
  • yankeeboy

    I asked Think why he wasn't weighing in on the falling/failing peso but he ignored me.
    Then I asked him if his retirement was keeping up with the price of bread.
    Then pointed out it wasn't
    hahahahaha

    Oct 25th, 2013 - 02:26 pm - Link - Report abuse 0
  • Welsh Wizard

    Argentina, the only place where it is seriously viable to go long on bread...

    Oct 25th, 2013 - 03:39 pm - Link - Report abuse 0
  • yankeeboy

    I've been telling our Rg posters to buy sugar for years!

    http://www.metacafe.com/watch/1198892/guarding_sugar/

    We laugh about it in the USA but its the Rgs life!

    Oct 25th, 2013 - 03:43 pm - Link - Report abuse 0
  • ChrisR

    @ 17 Welsh Wizard

    Damn! I missed that one.

    Ha, ha, ha.

    Oct 25th, 2013 - 06:16 pm - Link - Report abuse 0

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