Buying dollars legally gets even harder now

[sesamosinsal]

7 to 10 billion are also the estimates the BCRA/Argentine state has available for 'free' spending, if you follow by current trends somewhere in the middle of 2013 Argentina will run out of money. If the economy tanks prolly a bit earlier

Well what might end up happening is a lot like I have drawn on the previous chart attached.

And an economist wrote up a nice article that shows similar graphs for other countries. The result was an economic crash: http://www.voxeu.org/index.php?q=node/2744

Dominican Republic

[resize your pic]

Ecuador

.

 

[Crema Americana]

Even the legal in blanco Argentine workers are starting to really feel the pinch. I have an acquaintance that says that last week she was able to withdraw $3000 dollars... yesterday she went and was limited to $300 dollars. That's a 90% reduction! She was going to try again today and see how often she can withdraw.

They want to pesofy everything, but limiting dollar access is not going to make the peso stronger... the reason why people prefer dollars in the first place is that the peso is unpredictable (well, actually it's quite predictable in that it will lose value.) The measures may keep the peso and the economy afloat temporarily since people are being forced to hold and spend them, but it's still losing value. And it's sure to backfire anyway since whenever people sense a shortage they stockpile!


What I've seen people do is use their friends and family who don't generally exchange for dollars to take advantage of their monthly limit. Of course that takes trust and can be risky since they're now "in the system." If you have debts and are exchanging for dollars that could potentially bring you problems.

I just heard today that soy prices fell, which isn't good economic news, either.
http://www.infobae.com/notas/647077...de-7-dolares-en-el-mercado-internacional.html

 

[puvenlee]

So you can still buy dollars worth 25% of your salary, that is not so bad. I mean if you are just buying for personal use or savings. If you have more money then I am sure you are using the black market anyway.

I guess you didn't learn your math well...

 

[TheBlackHand]

It's very easy to buy dollars. The bad thing is the exchange rate. I believe its 5:15 ;1 right now. If anyone wants to buy dollars, i'm selling.

 

[camberiu]

I think this very experienced fella summed it up the whole situation pretty well.

http://goo.gl/WjH97

 

[puvenlee]

Such a great question. I just called my (Argentine) husband...very upset about this. He was super calm and said, "What did you expect? Does this surprise you? Era obvio. Exchange what you can y vas ahorrando. I'm not going to let myself get upset every day over what this goverment does and you shouldn't either." I told him he's lived her too long and hung up. Some Argentines have told me it's not my right to buy dollars. All I know is that I can't stand having someone tell me what I can and can't do with my money. And encima I just paid my taxes today.

I don't want buy dolars... Just want to transfer what I've saved here. It seems to me it's basic and sane but this stoopid govt won't let me do it.

 

[jantango]

I know two Argentine women going to the USA in July for three weeks to visit their brother. They need to buy dollars for their trip and told me they must pay 6 or 7 pesos per dollar.

I don't know their budget for the trip. Is there anyone who has dollars to exchange for pesos?

Send PM.

 

[nasirmahmood430]

i went to the market in the Bunes Aries and was in search of dollar but i found harder they agent get more commission i think what is happening over here

 

[Marche exile]

So do we know the pesos difference between buying and selling dollars. I mean how much are the local dollar dealers making on the dollar? We should set up our own exchange. I have only been here 5 weeks and I'm already thinking I need to be doing this to combat the cost of living. Jesus, its expensive!