Blue Dollar - Over

[thorsten]

I think its max(20% of your income, 2000 US$)

 

[GS_Dirtboy]

I think its max(20% of your income, 2000 US$)

The percent isn't clear yet. They are only stating a max of U$2.000 per month. Even with the 20% penalty for not depositing in a bank this is a better rate than the Blue Dollar.

 

[syngirl]

Minimum NET income to be allowed to purchase 7,200 pesos. Allowed to purchase 20% of your monthly income. If you don't pay impuestos a la ganancia you can take your comprobante to the AFIP and they will refund your 20%. A maximum of 2,000 USD per month is allowed, but to be clear, you are only allowed 2,000 USD a month if your NET income allows you that purchase. So in order to be purchasing 2,000 USD at the oficial rate of 8:1 you need to be netting 80,000 pesos a month. There are not a lot of people out there doing that. So most people will be getting around 100 bucks a month.

My husband immediately pointed out the loophole for dirty business. He said ok so wait, people who are netting 7200 pesos a month probably don't have the money that they actually can save their 100 or so USD. So what they could do to make money instead is use their approval to buy the USD then sell it on to someone that wants it for a percentage. And there you go, that's how quick minds function here -- they had barely posted the graphic with the image on it before my husband had already seen the loophole for illegal activities that the govt has left open.

 

[Rich One]

How much can I buy Today ? at the current Official rate.

75 % of the Retired Pensioners make less than 2700 pesos... Perhaps none can buy dollars!

 

[syngirl]

Can someone with better knowledge than I explain this from la nacion (Spanish: http://www.lanacion.com.ar/1658927-truquitos-y-detalles-del-nuevo-cepo)

- Tratan de revertir la fortísima caída de depósitos en dólares causada desde que se instauró el cepo cambiario. Los depósitos además figuran como reservas. De modo que el sistema funcionaría así: Alguien destina parte de sus ingresos pesos a comprar dólares en la versión más barata y los deja en el banco. Así el Central no habrá vendido dólares, que seguirán figurando como reservas. Y habrá absorbido pesos, que no presionarán sobre los precios.. Habrá que ver si funciona.

Which says roughly: They are trying to revert the very hard fall in deposits in dollars caused by the cepo cambiario. The deposits are also listed as reserves, which means the system would function like this: Someone spends part of their income in pesos to buy dolars at the cheapest rate and leaves them in the bank [referring to avoiding the 20% tax if they leave them in the bank for 365 days]. So the Central won't have sold dolars, they will continue to figure as reserves. And it will have absorbed pesos, which puts no pressure on prices... it remains to be seen if it will work.


SO: -- What I want clarification on is how do dollars that people purchase and supposedly send to their own personal accounts still figure as a part of the Central's reserves? Are personal accounts in dollars calculated as part of the reserves, or are they saying that rather than have the dollars in your own bank account they will stay at the Central until the 365 day period has passed (or until you ask to withdraw and pay the 20% tax)? If the dollars are going to stay at the Central and not be deposited in individual accounts, why would anyone trust this proposal anymore than purchasing a CEDIN (and we know how successful that was).

 

[AmigoArtistico]

Can someone with better knowledge than I explain this from la nacion (Spanish: http://www.lanacion....-del-nuevo-cepo)

- Tratan de revertir la fortísima caída de depósitos en dólares causada desde que se instauró el cepo cambiario. Los depósitos además figuran como reservas. De modo que el sistema funcionaría así: Alguien destina parte de sus ingresos pesos a comprar dólares en la versión más barata y los deja en el banco. Así el Central no habrá vendido dólares, que seguirán figurando como reservas. Y habrá absorbido pesos, que no presionarán sobre los precios.. Habrá que ver si funciona.

Which says roughly: They are trying to revert the very hard fall in deposits in dollars caused by the cepo cambiario. The deposits are also listed as reserves, which means the system would function like this: Someone spends part of their income in pesos to buy dolars at the cheapest rate and leaves them in the bank [referring to avoiding the 20% tax if they leave them in the bank for 365 days]. So the Central won't have sold dolars, they will continue to figure as reserves. And it will have absorbed pesos, which puts no pressure on prices... it remains to be seen if it will work.


SO: -- What I want clarification on is how do dollars that people purchase and supposedly send to their own personal accounts still figure as a part of the Central's reserves? Are personal accounts in dollars calculated as part of the reserves, or are they saying that rather than have the dollars in your own bank account they will stay at the Central until the 365 day period has passed (or until you ask to withdraw and pay the 20% tax)? If the dollars are going to stay at the Central and not be deposited in individual accounts, why would anyone trust this proposal anymore than purchasing a CEDIN (and we know how successful that was).

I'd say from what you wrote that you understand things as well as anyone else at this point.

I read that this morning and was confused by it as well. According to everything else that's been in the papers, the dollars go to your own bank account. It says it specifically here: http://www.lanacion.com.ar/1658899-compra-de-dolares-la-afip-no-retendra-el-20-si-las-divisas-se-depositan-en-el-banco-por-365-, and the same is said here: http://www.ieco.clarin.com/cepo_al_dolar-recargo_del_20-compra_de_dolares_para_ahorro_0_1073892790.html.

How that lets them count those dollars as reserves, I have no idea (maybe it's an incorrect assumption by the writer). It also seems unlikely that this would "absorb" enough pesos to affect what's going to happen to prices one way or the other (but what do I know).

Even if the money stays in the bank under the owner's name, everyone here knows -- after 2001 -- that it's not safe to leave dollars in the bank. I would think that it's unlikely that many will do so (but again, what do I know).

 

[John.St]

... According to everything else that's been in the papers, the dollars go to your own bank account. ...

How that lets them count those dollars as reserves, I have no idea ...

Estamos en Argentina
I wouldn't be the least surprised if US$ in private bank accounts were counted as part of the official reserves.
Why not? they are there for grabs as they were in 2001-2

 

[Rich One]

As a measure of the significance and IMPACT of the new Kicillof measures.
The Blue climbed to $12,30..!! Next week with the new tourist wave. Hold your pants

The income needed to buy dollars, is the 12 month average take home pay

 

[Joe]

All these problems may be solved when Christina comes back fresh with advice from The Maestro: Fidel.

 

[dennisr]

Can someone with better knowledge than I explain this from la nacion (Spanish: http://www.lanacion.com.ar/1658927-truquitos-y-detalles-del-nuevo-cepo)

- Tratan de revertir la fortísima caída de depósitos en dólares causada desde que se instauró el cepo cambiario. Los depósitos además figuran como reservas. De modo que el sistema funcionaría así: Alguien destina parte de sus ingresos pesos a comprar dólares en la versión más barata y los deja en el banco. Así el Central no habrá vendido dólares, que seguirán figurando como reservas. Y habrá absorbido pesos, que no presionarán sobre los precios.. Habrá que ver si funciona.

Which says roughly: They are trying to revert the very hard fall in deposits in dollars caused by the cepo cambiario. The deposits are also listed as reserves, which means the system would function like this: Someone spends part of their income in pesos to buy dolars at the cheapest rate and leaves them in the bank [referring to avoiding the 20% tax if they leave them in the bank for 365 days]. So the Central won't have sold dolars, they will continue to figure as reserves. And it will have absorbed pesos, which puts no pressure on prices... it remains to be seen if it will work.


SO: -- What I want clarification on is how do dollars that people purchase and supposedly send to their own personal accounts still figure as a part of the Central's reserves? Are personal accounts in dollars calculated as part of the reserves, or are they saying that rather than have the dollars in your own bank account they will stay at the Central until the 365 day period has passed (or until you ask to withdraw and pay the 20% tax)? If the dollars are going to stay at the Central and not be deposited in individual accounts, why would anyone trust this proposal anymore than purchasing a CEDIN (and we know how successful that was).

Central Bank of Argentina is the gate keeper for ALL Foreign Currency. Has been like that for quite some time. Have a dollar account, it is calculated into the Central Bank's reserves. That is why they worry about capital flight: depletion of reserves. Not unusual, kind of the norm around the World: control exchange rates.