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Montevideo, February 23rd 2024 - 15:56 UTC

 

 

Argentina:“Blue” dollar bounces back nearing historic highs

Wednesday, November 22nd 2023 - 10:10 UTC
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For the liquidation of exports, an average quotation of AR$ 620 was used For the liquidation of exports, an average quotation of AR$ 620 was used

The “blue” (a euphemism for “black market”) dollar rose AR$ 125 Tuesday on the first working day after Sunday's presidential runoff and once again pierced the psychological AR$ 1,000 barrier upwards, closing at AR$ 1.025 / 1.075 (buy/sell), thus getting closer to its historical AR$ 1,100 high for a gap of 202% with the official quotation.

 So far in 2023, the blue dollar went up by AR$ 729 after closing 2022 at AR$ 346 after increasing only by AR$ 138 (+66.4%) last year.

The official dollar traded at AR$ 351.55 / 371.55 (buy / sell) on average at the country's main banks.

In this scenario, the Central Bank (BCRA) bought US$ 1 million on Nov. 17 for a positive balance of US$ 1.05 billion. Since Aug. 14, purchases exceeded US$ 1.85 billion.

Meanwhile, the quotation applied to credit card transactions abroad -which include a 30% surcharge on account of the PAIS Tax plus a 45% advance on the income tax and another 25% for operations over US$ 300 within the same month, closed at AR$ 747.42.

Futures contracts closing in December jumped to AR$ 873, which is the value that the market estimates the official dollar will have at the end of the year. By the end of January, it is estimated at AR$ 991.

The Government also made the liquidation of exports more flexible, resulting in an average exchange quotation of AR$ 620, it was reported.

Categories: Economy, Argentina.
Tags: blue dollar.

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  • imoyaro

    Once again, things are looking up!

    Nov 24th, 2023 - 07:24 am 0
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