MercoPress. South Atlantic News Agency

Argentina: “Blue” dollar keeps soaring as elections loom over

These figures came after Sergio Massa's latest measures to bolster the BCRA reserves

The “blue” (a euphemism for “black market”) dollar rose another AR$ 10 Tuesday, reaching AR$ 560, its highest quotation ever, less than two weeks ahead of the Open, Simultaneous, and Mandatory Primary (PASO) elections in Argentina, it was reported in Buenos Aires. The gap with the wholesale (official) dollar stood at 102.79%. So far in 2023, the US currency in the parallel market accumulates an increase of AR$ 214 after closing 2022 at AR$343.

Meanwhile, the credit card dollar (for transactions abroad) with a 30% PAÍS tax surcharge and a 45% collection on account of the income tax stood at AR$ 506.05, while for purchases over US$ 300, which have an additional tax of 25%, it traded at AR$ 578.34.

Also Tuesday, Argentina's Central Bank (BCRA) bought US$ 74 million in the Single and Free Foreign Exchange Market (MULC), marking the seventh consecutive round with a positive balance, while the agricultural dollar chipped in US$144 million. It also sold 4 million yuan.

These figures came after Economy Minister and presidential candidate Sergio Massa's latest measures to bolster the BCRA reserves by increasing from AR$ 300 to AR$ 340 the differential exchange rate for exports until Aug. 31.