Argentine market cautious reaction to new rules on foreign exchange and dollar savings

Tuesday, January 28th 2014 - 05:05 UTC

Full article 10 comments

In what promises to be a week of surprises as the Argentine government unfolds measures to contain the price of the US dollar, this Monday the peso held relatively stable after last week's sharp devaluation. While the official rate remained unchanged at 8.01 Pesos for a greenback, in the parallel market it climbed to 12.15 Pesos. Read full article

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Anglotino
Watching Capitanich withy his finger in the dyke is funny as!
Jan 28th, 2014 - 05:44 am - Link - Report abuse 0
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Optimus_Princeps
This hasn't stirred up as much conversation as much as you would think. Some people are happy that they are able to buy dollars again, but they don't trust the government's inconsistency. They don't say why.

I'll tell you what I think. It appears that they want to have more dollars brought in, so the administration can limp on for a few more months. They will clamp down again as soon as there's enough money to steal.
Jan 28th, 2014 - 11:20 am - Link - Report abuse 0
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Klingon
Same old political plan, to keep kicking the ball till the next election.
All so the old hag can get some crony voted in to cover her massive corruption.
Argentina is a basket case and always will be. There are too many poor and dumb people here who keep voting for these tyrants.
Jan 28th, 2014 - 12:13 pm - Link - Report abuse 0
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paulcedron
capitanich = hymie, but not so intelligent.
https://www.youtube.com/watch?v=iU2EuJBbxPY
Jan 28th, 2014 - 12:46 pm - Link - Report abuse 0
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Welsh Wizard
out of 126,000 applications 75,000 have been rejected, so circa 60%

There is no change in policy, this is just fluff.
Jan 28th, 2014 - 01:11 pm - Link - Report abuse 0
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yankeeboy
As I said a few days ago, the smart businesses that must import products with U$ will not sell anything and the Soy farmers will hold out for more pesos.

Looks like it is coming to fruition.

CFK has made an utter disaster out of this economy. I can't wait to see how this rolls out.
Jan 28th, 2014 - 01:31 pm - Link - Report abuse 0
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pgerman
I speack with my relatives and friends daily and they told me that the economic activity is frozen basically fue to the confussion and doubts about the new messures.

Companies don't want to sell cars, electronic appliances, etc. Most of the compenies simply don't have reference unit prices so they decided to cancell all the operations until being clear about the market.

In addition, nobody believes the Government when they say they will provide privates with dollars for saving simpkly because we all know that the Central Bank has no reservs to cover the market demand.

If it were not for the people that are suffering I would enjoy this. I hope all the fascist/peronist that voted and defended CFK are currently all on bankrupcy.

I cannot get DannyBerger coments out of my mind..“Argentina is not in crisis”

I cannot take Think comments out of my mind “Everything is correct now”
Jan 28th, 2014 - 01:49 pm - Link - Report abuse 0
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Faz
Wow! Such a lot happens in a few days.. I wouldn't trust those RG banks. If the gubment gets short of $ they will surely steal them to prop themselves up and pay for their airfares out to Monaco etc

Where is Think is he crying in his Scotch... oh! he probably cant afford that any more ;-)

City boys are rubbing their hands with glee.
Jan 28th, 2014 - 03:50 pm - Link - Report abuse 0
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St.John
“Furthermore the dollars for savings must be deposited in a bank for 365 days, and any withdrawal will be subject to a 20% additional cost to the original purchase.”

This is not correct. The Spanish text tells us, that withdrawal **before** the end of a one year deposit will be subject to a 20% tax, which **may** (joke of the year) be deductible from income tax.

Having you savings deposited in an **Argentine** bank for 365 days in a country where the corralón exists in living memory.

It's a pretty simple choice: Buy at the official exchange rate, and

1. deposit in a bank and get one peso for each US dollar in a year
2. get your money ASAP, pay 20% and keep the rest as your own property
Jan 29th, 2014 - 02:16 am - Link - Report abuse 0
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golfcronie
It looks to me that the AFIP are trying no find the tax evaders, because as I understand it you have to prove where the money came from.
Jan 29th, 2014 - 02:51 pm - Link - Report abuse 0
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