MercoPress. South Atlantic News Agency
Argentine Peso faces a turbulent start of the week with new records
Analysts explained that investors seek to gain dollars by purchasing shares and short-term bonds. The beginning of a turbulent week for Argentina's money exchange market with the informal or 'blue' dollar climbing to 15,15 Argentine Pesos, while the official rate was up one cent to 8,45 Pesos in Buenos Aires banks and foreign exchange offices.
However the blue-chip swap rate advanced 62 cents to 14.53 Pesos, breaching a new record mark, while the stock exchange rate jumped 60 cents to 14.52 Pesos. Analysts explained that investors seek to gain dollars by purchasing shares and short-term bonds.
The ongoing difficulties of Argentina in its litigation with the speculative funds, the falling price of soybeans which is one of the country's main foreign currency sources, and the fact that index provider FTSE decided to cut Argentina from its frontier equity index, citing the country's stringent capital controls, signaled a challenging start for the week.
FTSE said Argentina would be demoted to “unclassified market status”.
Buenos Aires peso-based equity index has risen 114% so far this year while MSCI's dollar-denominated Argentina index has returned 28%. FTSE divides emerging economies into advanced and secondary markets on the basis of income and market infrastructure.
Argentina is still classified as a frontier market by rival index provider MSCI.
Meanwhile the Central bank international reserves dropped another 55 million and now stand at 28.213bn dollars.
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Read all commentsCan anyone help? I need to find a way of sending money into Argentina (specifically Neuquen) without having to pay the official rate. The family are in need of money. After having a frank conversation with them last night, things are much worse than I realised as they are just slipping from being able to pay their way to not having enough cash to buy food, petrol etc. Does anyone know how I can do this?
Sep 23rd, 2014 - 11:03 am 0Tell them to find a local business or someone who has money you can trust wanting to get it out of the country. Then you deposit into their account outside of Argentina and they give your family the cash.
Sep 23rd, 2014 - 12:12 pm 0They must know of a local cueva an usually they can help, but charge 3-5%
@1 It will require a bit of research first and then a bit of setting up but google satoshitango. you'll end up getting a rate of about $14 after all the fees. I have been doing this the last 4 months
Sep 23rd, 2014 - 12:20 pm 0Commenting for this story is now closed.
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