Dollar controls getting stricter

[perry]

That's right, blame it on the US. Typical AND stupid.

What exactly is my hidden agenda? I was pretty open that I will enjoy the benefits of the peso collapsing. Nothing hidden here.

Inflation in US dollar terms is at the highest in Argentinas history and a devaluation of the peso will not make one iota of difference . You are chasing a circle guys putting your faith in a sinking ship.

I predict that in 2012 the world will change irrevocably and wll be remembered as a watershed for the rest of human history .

 

[ndcj]

Last year I had to buy $1600 dollars for an apartment rental deposit. I went to Banco Nacion, presented my passport, and did the exchange. No recibos de sueldo, no limit other than the monthly one, which was $10,000 USD per month, I believe.

I think the current state of affairs is BCRA Comunicacion "A" 4550:

http://www.santanderrio.com.ar/comex/normativa/A4550.pdf

Which says this information is what the casa de cambio has to collect:

Operaciones de personas físicas que no sean residentes del país: número de pasaporte o del documento habilitante para el ingreso al país. En estos casos se deberá registrar adicionalmente en el boleto de cambio, la fecha de ingreso al país, y el código del país emisor del documento.
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Comunicacion "A" 4834 sets the dollar limit at u$s5000 per calendar month unless you have a documented reason or you are crediting it to a bank account.

I think these are still the status quo, but I could be wrong. As a data point, I bought u$s2000 in a Supervielle branch last week without any questions. Maybe some casas de cambio are spooked at the moment and are making up rules to try and avoid further scrutiny of their more dirty activities.

 

[PhilipDT]

I dont really understand why the locals on here care about a devaluation of the peso. The NZ gov says the NZ$ is to high compared to the US$ and Euro, and want it to come down to make our exports more competitive, and make it more attractive destination for tourists. The only problem being in NZ that the gov doesnt control the reserve bank, so dont have any real control over the exchange rate.

So from my way of thinking it would be to argentinas advantage for the peso to drop. Their exports returns in peso would be greater. It would make imported goods alot more expensive (there wouldnt have to be import restrictions), while making the local goods seem cheap, and also attract more tourists because its a cheaper destination to holiday. While the local fixed costs would stay the same or increase only in terms of inflation - labour, food etc.

Oh my god, rationality.

 

[French jurist]

The timing of this, as mentioned by others, is concerning as well. Everyone has speculated about a devaluation coming. Obviously, the BCRA has the funds to stifle that a bit, but one has to wonder if these operations in Microcentro and at Ezeiza are a mere threat or preparations for something worse.

Well, the peso keeps being devaluated slowly over time, at least nominally.

I don't analyze this operation as a preliminar to a strong & sudden devaluation (in which case, better hide your game). Of course, the opposite could eventually be true also (putting a strict control in place to limit the devaluation once it will have been decided) but in this latter case, that would be symbolically a political mistake (bad memories + many people have savings in USD).

Maybe does this operation has to be interpreted in the light of :
- fighting the small percentage of people who are making money buying in legal exchange houses & selling in cuevas
- it could be the consequence of the reinstatement of obligations forcing corporations to keep/convert earnings in Argentina (like shown by this thread, such a change was likely to awake the feeling of an imminent devualation, hence the tight controls).


And the currency war is just starting! (Euro is saved, at least for now, banks will take voluntarly heavy losses for Greece -> Banks at the service of the society, and not the opposite )

 

[dennisr]

http://finanzas.iprofesional.com/no...de-dlares-debern-ser-autorizadas-por-la-AFIP-

http://translate.google.com/transla...de-dlares-debern-ser-autorizadas-por-la-AFIP-

 

[JWB]

http://finanzas.iprofesional.com/no...de-dlares-debern-ser-autorizadas-por-la-afip-

http://translate.google.com/translate?sl=es&tl=en&js=n&prev=_t&hl=en&ie=utf-8&layout=2&eotf=1&u=http%3a%2f%2ffinanzas.iprofesional.com%2fnotas%2f124874-desde-el-lunes-todas-las-operaciones-de-compra-de-dlares-debern-ser-autorizadas-por-la-afip-

Argenzuela! Insanity!

 

[perry]

It is much less likely now with these strict controls inplemented by the Government that there will be a serious devaluation of the peso. For people sending monies overseas I expect to now see rates of over 5% for this transacation.

The dollar on Friday weakened 1 % on this new law.

 

[davonz]

I went to Banco France's to change travellers cheques a couple of days ago, and the teller didnt want to change then, said i had to go to american express. This is the first time this has happened in 5 years.
I did manage to get them changed, i told him i had been coming here for 5 years and never had a problem before. He looked up my passport number in the computer and could verify this.

 

[surfing]

From Reuters:

http://www.reuters.com/article/2011/10/28/argentina-dollar-idUSN1E79R1LJ20111028

 

[perry]

This new law does affect those who are thinking of selling properties and repatriating monies overseas . The cost of these operations I say will go up making it exhorbitant with current market rates over 5% they certainly will go up even more.

For three years I have warned about these punitive laws and I believe that a corralito will happen soon in Europe and the USA effectively stopping large transactions from taking place.