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It's on a tear! Up about 7.5% just the first few days of July.Today it hit 1,475 to $1 US and in some parts of the country it hit 1,500 today! Everyday the blue dollar keeps hitting new records.
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It's on a tear! Up about 7.5% just the first few days of July.Today it hit 1,475 to $1 US and in some parts of the country it hit 1,500 today! Everyday the blue dollar keeps hitting new records.
That's not going to happen any time soon. Still many challenges. The FT had a good article today.Read this. Milei try to blame Massa for blue dollar move. It say there is a way for blue dollar to go to 4,000 to $1 US.
En la Rosada le apuntan a Massa por la venta de "puts" y dicen que el dólar se iría a $ 4.000 si se ejecutan todos esos bonos
Lo acusan de querer desestabilizar al Gobierno, a través de operaciones del Banco Macro. La respuesta del ex ministro de Economía.www.clarin.com
Well they will need to figure something out. I laughed as I had an old article from before the elections bookmarked from October 10, 2023.That's not going to happen any time soon. Still many challenges. The FT had a good article today.
The Achilles heel has been the anchoring of the exchange rate policy to a 2 per cent rate of crawl per month, significantly below the average inflation rate. The negative real interest rate is also now a liability. This combination was smart and useful in the initial stages, as it allowed for rapid disinflation, a quick accumulation of international reserves and a reduction of the real value of central bank liabilities. But now, as the real exchange rate is reaching pre-devaluation levels, it is not providing the financial incentives for exporters and other economic agents to turn their dollars into pesos.
This in turn is generating significant pressures in Argentina’s financial markets. Confronted with this situation, Milei’s government is committed to defending the 2 per cent crawl and continues to equate success with large drops in monthly inflation rates. Previous Latin American governments felt compelled to exaggerate their commitment to a fixed exchange rate because their will to adjust economic fundamentals was mild or non-existent. However, in this case, Argentina has set the fundamentals in place and is mistakenly putting its achievements at risk through a disorderly currency adjustment.
To regain market confidence and redirect its stabilisation efforts, the government needs to move to the second stage of its programme. In this phase, disinflation will happen at a slower pace and the government will focus on economic recovery instead. By doing so, Argentina will be able to follow a more sustainable stabilisation path, such as the ones its Latin American peers experienced in the 1990s.
The Milei government needs to set out a clear commitment not to dollarise the economy and to support its currency competition strategy by strengthening the institutions and policies that will allow the peso to overcome the dollar as the currency of choice of Argentines. To do so, the government should send an amendment of its fiscal responsibility law to Congress as soon as possible. This update should establish a zero deficit as its fiscal target for the years to come and should enshrine the central bank’s independence.
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www.ft.com
Things can change very quickly in Argentina. But also things can take forever to change at the same time. Right now there are a few various reasons. There was a good article today on it.Crazy how quickly things change here. It is funny to see the thread name questioning why the blue dollar is so weak and a few months later people asking why it's so strong. I get there are problems with the economy but why all of a sudden is it getting so crazy? Any explanations?
Don't exchange more than you need. Not sure how long you will be in Buenos Aires but probably a good idea to exchange a few hundred dollars at a time or if you're staying long term, enough to cover expenses for 1 month.Today, surprise surprise, it went up again. I'm new to BA and trying to adjust to its economy, though you can never predict anything when it comes to economics.
If he really thinks that he is welcome to cash in his stash of US dollar savings and liquidate and buy pesos right now. No thanks. I think I will take my chances and just sell dollars as needed.According to Caputo, "People will have to sell dollars to pay taxes, and the peso will become the strongest currency." We'll see if that actually happens...
I know Caputo's idea is now a utopia, but look who's laughing at him... My god, ma'am, you should call for silence. You have no moral authority to criticize anything.According to Caputo, "People will have to sell dollars to pay taxes, and the peso will become the strongest currency." We'll see if that actually happens...
I'm NO fan of CFK but she has a good point. Milei and Caputo have been saying that they were going to dollarize. That was their promise when he ran for President.I know Caputo's idea is now a utopia, but look who's laughing at him... My god, ma'am, you should call for silence. You have no moral authority to criticize anything.
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www.infobae.com
Yeah what a bummer. I was getting used to the higher exchange rates but sucks to see Blue dollar and MEP going back down again. I guess I should have exchanged more at 1500 to $1 USD. Hindsight is 20/20.The free market dollar has dropped to ARS 1,380 for sale, its lowest price in a month.
Los 3 factores que empujan a la baja del dólar libre y las cotizaciones financieras
Desde que el Gobierno anunció el esquema de “emisión cero”, que incluye la venta de divisas en el mercado de “contado con liqui”, el dólar libre cayó 8% y los bursátiles, un 11%www.infobae.com
I guess maybe some of these measures they were taking are working drying up the market.Yeah what a bummer. I was getting used to the higher exchange rates but sucks to see Blue dollar and MEP going back down again. I guess I should have exchanged more at 1500 to $1 USD. Hindsight is 20/20.
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