The unofficial exchange rate between the local peso and the US dollar most commonly used by Argentines, also referred to as “blue,” Tuesday crossed the iconic AR$ 300, reaching an all-time high.
Argentina's current economic crisis is taking its toll on football. Transactions involving foreign players who were about to be hired by local clubs have been put on hold after local clubs have been rendered unable to have access to the amount of US dollars needed for the deal to go through.
As next Sunday's mid-term elections loom over and the government of President Alberto Fernández seems headed for inevitable defeat, desperate Argentinians turned to the currency black market to convert their volatile pesos into US dollars, thus piercing the psychological AR $ 200 threshold for the first time.
As borders are about to reopen and tourists are expected to pour in, Argentine authorities have devised a mechanism whereby foreigners may exchange currency (US dollars) at a rate closer to the unofficial (“blue”) one.