Blue Dollar: Peso has devalued 22% over the last 30 days

[el_expatriado]

Today the dollar hit $6.15 in the blue market and as high as $7.50 in the interior of the country... amazing! In 30 days the price has gone from 5.03 to 6.15, moving more than an entire peso. We have broken the psychological barrier of $6 pesos. That's a devaluation of 22% in just 30 days.

What are you expats doing? Are you buying, selling? It is getting really tempting to sell dollars, but it seems like if we keep holding on we might get an even better rate next month if things continue like this. There is now a 37% spread between the blue dollar and the official dollar?!?!?!

I don't know about you all, but I think this may have gone too far. Is the peso really worth so little? I think the peso has to be worth more than $6.15 per dollar. If they let the peso float freely I doubt it would be this low.

 

[Sleuth]

It's really crazy. I got $5.10 last Monday and that was a good deal!

Looks like AFIP shut down two illegal exchange houses in Palermo this week. They were giving $6 to U$S 1.

This is a result of further AFIP crackdowns and sending dollar sniffing dogs to Florida street this week. It's panic based and the difference with the official rate is simply not sustainable.

 

[trennod]

Yep somethings gotta give. We can basically see the deval just around the corner.

 

[starlucia]

I return on Monday, and will be selling just enough dollars to pay my living expenses for the next week or so (then when I run out of cash, rinse and repeat). Since the rate will either be (at best) more favorable or (at worst) the same in the following weeks, putting it off definitely seems like the way to go.

 

[blanklouis]

I remember going to UY when I arrived and seeing zapatillas for $639.00-$999.00 - I laughed (this was back in 2001). Now it seems Argentina is where they were and the UY peso is well over 20/1.

I don't collect / use dollars here, but this inflation is crazy mad!!! We now have a $2 peso coin (sure they are minting coins for $10 - $20 and $50 - or will be soon).

 

[ghost]

Today the dollar hit $6.15 in the blue market and as high as $7.50 in the interior of the country... amazing! In 30 days the price has gone from 5.03 to 6.15, moving more than an entire peso. We have broken the psychological barrier of $6 pesos. That's a devaluation of 22% in just 30 days.

What are you expats doing? Are you buying, selling? It is getting really tempting to sell dollars, but it seems like if we keep holding on we might get an even better rate next month if things continue like this. There is now a 37% spread between the blue dollar and the official dollar?!?!?!

I don't know about you all, but I think this may have gone too far. Is the peso really worth so little? I think the peso has to be worth more than $6.15 per dollar. If they let the peso float freely I doubt it would be this low.

It's not crazy. It's reality as opposed to Xtinas BS numbers. The BLUE/ Black market is a window to the future. These people deal in money and there are plenty of folks here that know where things are really headed. Follow the blue road and we'll see 10 to 1 by December.

 

[earlyretirement]

Good question. I had several bills to pay and on-going taxes so I exchanged last week and thought I got a good deal at 5.50 only to see it go over 6 today! I exchanged $10,000 US. I THOUGHT I was getting a good deal.

Things typically fall further then you think they will. I guess the old adage is true. "Never try to catch a falling knife". The Argentine peso is definitely a "falling knife".

Also, never underestimate this administration's stupidity to really screw things up...

 

[Jed]

"May you live in interesting times."

 

[Lclc23]

Anyone want to help out a new expat and pass along the names of places where I can sell my dollars?

 

[mariano-BCN]

hoe does the dollar-crisis in Argentina affect the value of the euro? Is there a black market for the euro as well or only for the dollar?