Bad News For Money Exchange Companies

[Gringoboy]

The central bank (BCRA) has just increased the capital on deposit that a 'casa de cambio' needs to operate up to ar$12m (depending on location/ size etc) and intermediaries from ar$10000 to 1M.
Many will close, certainly.
When will all this ever end?

 

[sesamosinsal]

Are there any legal casas de cambio still operating?

 

[Matt84]

Are there any legal casas de cambio still operating?

Doctor Rubilar should know...

 

[Gringoboy]

Are there any legal casas de cambio still operating?

We know of one, Columbus on San Martin/Lavalle. They usually have afip, bcra, police and gendarmeria crawling all over them night and day.
Somehow they survive. We know them well and quite how they survive, not even they will tell us.
It must be intolerable for most in this market.

 

[sesamosinsal]

My guess is that those who insist on keeping their doors open do so for a better tomorrow because they can't possibly be making any legal money under the current regulations. They're probably staying afloat through illegal transactions, or perhaps providing liquidity to the black market cambistas. Who knows?

It's the perfect example of this government's hypocrisy on monopolies. Clarin's monopoly is bad, but the BCRA's monopoly (which isn't even self-sustaining) is fantastic.

 

[Rich One]

Well its only for a short time , perhaps 90 days , if Macri wins he will remove the Cepo and the Cuevas will be history?

 

[Ceviche]

Well its only for a short time , perhaps 90 days , if Macri wins he will remove the Cepo and the Cuevas will be history?

please elaborate on the new world, BA will be if Macri wins. Please describe in layman language.

 

[HenryNisental]

Excuse meee, but the exact definition of MONOPOLY is "one and only seller" from the Latin word mono meaning one and the Greek word polis meaning city.
That means a monopolist is the only seller in the city. As far as I know, there are plenty of newspapers in the city´s stands. Pls do not parrot the government party line "EL RELATO"

 

[AmigoArtistico]

Doctor Rubilar should know...

Five minutes later and I'm still laughing.

(To Dr. Rubilar: it's not personal, it has to do with English, and how it was said. Though we don't see eye to eye, my comment is not meant as an insult.)

 

[AmigoArtistico]

My guess is that those who insist on keeping their doors open do so for a better tomorrow because they can't possibly be making any legal money under the current regulations. They're probably staying afloat through illegal transactions, or perhaps providing liquidity to the black market cambistas. Who knows?

It's the perfect example of this government's hypocrisy on monopolies. Clarin's monopoly is bad, but the BCRA's monopoly (which isn't even self-sustaining) is fantastic.

I have wondered a lot about this. I've always figured that they sit there with their doors open to snare the unsuspecting (or timid) tourist that wants to change their currency at the official rate. Even if they only have a few customers a day, it may be worth it to keep the doors open. There are two casas de cambio operating in calle defensa in the heart of San Telmo's tourist district. I remember walking by one of them 2 years ago at 3am, and it was open for business.

The BCRA's monopoly? Are you referring to the Mercado Único Libre de Cambios (MULC)? It would be funny if it weren't so pathetically sad.