Anyone bought us$ this week?

[lewitravel]

I'm going to try again tomorrow - My own situation is more of a one of situation and not a regular need/wish to buy $. I'm just curious as the UYU pesos seems to have taken a hit as a result - last week it went down to 2:1 but is back up around 3:1 yet the xe rate is steady at 4.5. my plan B is to open an a/c when I visit next month.
I would love to just pay the pesos into my U.K. bank account but it's impossible!

 

[notebook.fix]

Hi, I don't know if this will work but as Davo has suggested to me...why not just buy American TRavellers Checks & pay them in pesos here? Cash them when you get to the UK.

Maybe the Gov has already sealed this exit too...I wouldn't know but if it is possible then this could be the fastest way to rid yourself of the Pe$o before it all goes south.

Best of luck to you.

I'm going to try again tomorrow - My own situation is more of a one of situation and not a regular need/wish to buy $. I'm just curious as the UYU pesos seems to have taken a hit as a result - last week it went down to 2:1 but is back up around 3:1 yet the xe rate is steady at 4.5. my plan B is to open an a/c when I visit next month.
I would love to just pay the pesos into my U.K. bank account but it's impossible!

 

[ben]

Since you compare the US with Argentina:
In the US, if you are a basic employee getting a certain wage, the value of this wage (inflation/monetary policy) will be determined by banks (who will give 10 times more credits than the money they'll get access to, with a big positive spread of course) and not by the people you elect.

To each country its own demons though (we have a big share in France too).
This one aims to fight fiscal evasion also, I'd say it's not that bad.

Firstly, by no means am I claiming that the US system is in good shape. I was only questioning Lucas's consistency (and am genuinely interested in hearing his answer to my question, asked without sarcasm).

Secondly, if we are comparing, even US banks - who in theory are not answerable to the public, but rather their shareholders - are more vulnerable to public opinion (and public outrage) than elected officials are over here. (That's not saying much about either).

As to France, my most enduring image of living there is standing in the RER on a Friday afternoon desperately trying to get home, with a half-hour trip taking more than two hours because of the odd grève.

 

[notebook.fix]

Here's more on what the K Gov is doing to control the dollar.....is this desperation or what?

Este gobierno es como el pato...'Cada paso, otra cagada'.

http://en.mercopress.com/2011/11/16...t-accept-surplus-pesos-from-the-summer-season

Wednesday, November 16th 2011 - 00:34 UTC
"Argentina tells Uruguay it will not accept surplus Pesos from the summer season

Argentina will not take back the millions of Pesos that thousands of tourists spend in neighbouring Uruguay during the summer season. That was the reply to a request from Uruguay’s largest bank branch in the City of Buenos Aires, according to banking sources in Montevideo."

 

[Lucas]

This government couldn't be more anti-Argentina and anti-Argentine, like most of governments since 1930. or 1945.! You fools screwed up once a great country!

Don't you worry about that we are calling back Menem and Cavallo so they can fix it once for all.

 

[French jurist]

Here's more on what the K Gov is doing to control the dollar.....is this desperation or what?

Este gobierno es como el pato...'Cada paso, otra cagada'.

http://en.mercopress.com/2011/11/16...t-accept-surplus-pesos-from-the-summer-season

Wednesday, November 16th 2011 - 00:34 UTC
"Argentina tells Uruguay it will not accept surplus Pesos from the summer season

Argentina will not take back the millions of Pesos that thousands of tourists spend in neighbouring Uruguay during the summer season. That was the reply to a request from Uruguay’s largest bank branch in the City of Buenos Aires, according to banking sources in Montevideo."

Except that the full story is this one: Uruguayan banks buy the ARG Peso at 5.80 because there's obviously a big spread between potential buyers/sellers there (lol, no Argentinean goes to Uruguay with dollars to change them to pesos, that's for sure indeed). Also it's because they don't want to take many risks keeping a big amount of pesos. That's why the UR banks asked if Argentina would buy back the pesos at the informal rate or such (no way).

Where this article obviously lies (let's be logic) is that I doubt that at 5.80, I doubt many Argentineans to cross the river to make that operation (in Buenos Aires, you can get US$ at the official rate or at the 4.60/4.70 in the worst cases. Even if you get ripped off in BA buying dollars at 5.20, what would be the point crossing the river to get 5.80??!).

There also are tensions between Arg and Ur regarding Argentineans having bank accounts in Uruguay (point to consider in this context).

 

[Lucas]

I am genuinely curious what you would have to say, Lucas, in the event that the US Treasury instituted restrictions on sale of US dollars to people who could document the source of the funds, and the result would be that the USD loses over 10% of its value overnight on unregulated world markets. What opinion would you be expressing regarding the competence and integrity of US authorities?

(btw - I just checked with a good change place in NYC - they buy the peso at 4.82).

And what question is that Ben?

I don't know if you live here or you only want to know just for curiosity, but there are no restrictions as such they just control 'only' the money source that is the money you want to exchange not the destination, there is not interest to know what you are going to do with your money they are only enforcing the law already legislated, not more nor less.
These measures have been demanded by the regulatory entities to align Argentina with the world regulations on the issue of money laundering, those regulations haven't been fully implemented in this country and those controls were loosely applied, now they are just doing that as stipulated for these institutions. Not for speculative urgency this country will let those crooks launder money as they please, even if these funds are legally obtained, sorry but not anymore, moving speculative funds in and out of the country without control is over.

There is an article in today newspaper explaining some of your questions of why and what for all this is happening, who are the culprits and why they are doing this, also is a note on the next regulation step on the property market and the dollars/pesos issue on renting and buying dwellings.

Article original in Spanish

Article translated to English by Google

For the Argentine Banking Association "the government is supering the speculative attack against the peso/dollar"

Para la Asociación Bancaria "el Gobierno está superando ataque especulativo contra el dólar"

 

[ghost]

Actually - not illegal at all for a short-term apt. But agreed, it will certainly become more difficult.

I am speaking of long term and my recollection is that a contract can not be written with language that uses a foreign currency as the set price and the only means of payment or execution. ie rent contracts can say your rent is fixed at $1000 USD per mo to be paid in the Peso equivalent but can not demand actual foreign currency as payment ie Dollars [because that payment form may not be in ready/or legal supply]. Something about "coin of realm" and the court systems attempting to enforce what becomes a non binding contract because of currency. [could be wrong or maybe things changed]

 

[davonz]

And what question is that Ben?

I don't know if you live here or you only want to know just for curiosity, but there are no restrictions as such they just control 'only' the money source that is the money you want to exchange not the destination, there is not interest to know what you are going to do with your money they are only enforcing the law already legislated, not more nor less.

Have you tired to buy US$ to go on holiday ?

I know of someone who tried to buy US$ to take to europe this week. She has a good job, and pays taxes. She went to the bank, they told her she had to go to the AFIP - which she did. They asked her for details of everything, bank account details, DNI, Passport, job info, where she lived etc.. this took 2 days to sort/do, then they rejected her request to buy US$ for her trip. So what you are saying about NO RESTRICTIONS is not true.

I also have a colombian friend whos passport was stolen, and needs to get a new one - which cost him US$150. He is studying here, and his parents send him US$800 per month to live on and for school fees. Which when he recieves the money in argentina at the bank, it is converted to pesos. He has been here for 2 years studying. He tried to buy US$154 to pay for his new passport and he was also rejected. Again you say NO RESTRICTIONS.

I think you should stop making misleading and incorrect statements.. you need to open you eyes and see what really is going on, or as we say in NZ, wake up and smell the roses....

 

[davonz]

Except that the full story is this one: Uruguayan banks buy the ARG Peso at 5.80 because there's obviously a big spread between potential buyers/sellers there (lol, no Argentinean goes to Uruguay with dollars to change them to pesos, that's for sure indeed). Also it's because they don't want to take many risks keeping a big amount of pesos. That's why the UR banks asked if Argentina would buy back the pesos at the informal rate or such (no way).

I dont really think it matters what the peso exchange rate is in urugary. Isnt it more to do with what the exchange rate is in argentina. And it shouldnt matter if the pesos are exchanged in uruguary or downtown buenos aires, at 5.80 peso to the US$.. the central bank or argentina should exhange those pesos back at their official exchange rate.
I for one would be asking for a lot more argentina pesos for my US$ if i was a bank or exchange house - because of the risks involved, who knows what the exchange rate will be tomorrow or next week/month.

I would be interested to know how the chinese feel about what is going on, as i remember there was something last year where both countries agreed to except each others currencies for exports.