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Montevideo, December 4th 2023 - 22:06 UTC



“Blue” dollar rises AR$ 50 in one day

Thursday, August 17th 2023 - 11:46 UTC
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When will the “blue” dollar stop increase after the PASO elections? When will the “blue” dollar stop increase after the PASO elections?

The “blue” (a euphemism for “black market”) dollar reached a new all-time-high Wednesday in Argentina and closed at AR$ 780 after hitting AR$ 800 at some point during the day, it was reported in Buenos Aires. On Tuesday it traded at AR$ 730 after Monday's 22% devaluation which drove it from AR$ 600 on Friday. It traded at AR$346 at the end of 2022.

Following more police raids in several undeclared exchange parlors in the Argentine capital, the gap with the official rate reached 122.9%, after touching 127.1% during the day, the highest since the July 2022 run (139.3%).

There seems to be no ceiling for the unofficial quotation, which is the only one available to ordinary citizens who do not engage in stock exchange operations and which is also a reference for both wholesalers and retailers to determine the price of an article. In this scenario, shortages gripped businesses amid an interruption in the supply chain triggered by Sunday's results in the Open, Mandatory, and Simultaneous Primary (PASO) elections.

The credit card dollar (for transactions abroad) with a 30% PAIS tax rate and a 45% collection on account of the income tax stood at AR$ 642.04, while for purchases over US$ 300, with an additional 5% surcharge, it was quoted at AR$ 660.38.

Also Wednesday, the Central Bank (BCRA) bought US$ 117 million in the single and free foreign exchange market (MULC), for the third consecutive round with positive balance. So far this week, the BCRA has netted US$ 453 million for a total near US$ 600 million this month.

“The daily average of purchases in August rose to US$ 50 million, much higher than the previous record of May, US$ 42 million per day when the export promotion plan was in force,” the BCRA said in a statement while adding that since the launching of the export promotion program on July 24, the accumulation of reserves reached US$ 1,512 million. International reserves stood at US$ 23,614 million.

Categories: Economy, Politics, Argentina.

Top Comments

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  • Pugol-H

    And so it goes on, or rather up.

    Any prediction on where it will end?

    Aug 19th, 2023 - 01:15 pm 0
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