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Montevideo, December 4th 2023 - 22:17 UTC



Argentina: “Blue” dollar back on the rise

Friday, September 29th 2023 - 08:50 UTC
Full article 3 comments
The blue dollar is the only rate available to ordinary citizens, given the numerous restrictions on currency exchange The blue dollar is the only rate available to ordinary citizens, given the numerous restrictions on currency exchange

The so-called “blue” (a euphemism for “black market”) US dollar climbed sharply against the Argentine peso on Thursday, reaching a rate of US$ 1 = AR$ 790, it was reported in Buenos Aires. This was the highest rate since August 16, when it reached AR$ 795, and represented an increase of AR$ 43 in three days and AR$ 15 in just one day.

The blue dollar - the only rate available to ordinary citizens given the numerous restrictions on currency exchange - traded at AR$ 346 by the end of 2022.

The credit card dollar, which applies to transactions abroad with a 30% PAIS tax rate and a 45% profit tax surcharge, was at AR$ 642.25, while for purchases over US$ 300 it was quoted at AR$ 660.6.

The Central Bank of Argentina (BCRA) ended Thursday with a negative balance, despite US$85 million in contributions from the agricultural sector. The BCRA bought US$2 million in the Single and Free Foreign Exchange Market (MULC), extending its interventions with positive results to 33 consecutive days, a record number of days in the last 26 months. Thus, the monetary authority has accumulated purchases of US$ 524 million so far in September.

The last time the BCRA had so many days with purchases in the foreign exchange market was between May and July 2021, when it accumulated 57 consecutive days without net sales in the MULC. The positive streak is a response to the boost to export liquidation from the Export Increase Program (PIE), which features a stimulus for exports of soybeans and derivatives, giving free availability of 25% of foreign exchange in the stock market.

However, the chamber grouping grain exporters (Ciara-SEC) confirmed that the government has no intention of extending the PIE beyond its September 30 deadline, which could affect transactions.


Categories: Economy, Argentina.
Tags: blue dollar.

Top Comments

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  • imoyaro

    As always, it's wonderful to see that things just keep on moving up!

    Sep 29th, 2023 - 12:43 pm 0
  • FortHay

    Get yer wheelbarrows ready:

    Sep 29th, 2023 - 03:38 pm 0
  • Tænk

    - Seems that the Besserrwisser Yankee above does not know that with a credit/debit card weighting about five grams and with a 93% of adult Argies being bancarized..., wheelbarrows ain't of much use no more...

    - But well..., many a Yank still lives in their beloved “Speak Softly and Carry a Big Stick” period..., without realizing that their big stick is softly penetrating themselves...

    Chuckle..., chuckle...

    Sep 29th, 2023 - 07:36 pm 0
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