Friday, January 17, 2014

Bluer than velvet was the peso

Down Argentine Way, they say, when you mix Yanqui Green, red tape and the black market;
The black market exchange rate broke a record for the second time in as many days yesterday, closing at 11.55 pesos to the dollar.
The offical peso exchange rate also hit record levels, falling 0.26 percent in value to close at a historic low of 6.775 pesos per dollar, thus widening the gap between the two rates to 70.5 percent.
Yesterday’s trading price signified a 34-cent increase from the record set the day before of 11.21 pesos.
Blame the usual suspects;
...Argentine tourists looking to buy dollars for their overseas holidays and avoid paying more for the sought-after foreign currency in the future, as well as local savers attempting to bypass foreign currency controls and counteract the impact of inflation on their savings.
The race to the bottom between Venezuela and Argentina continues.

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