New Exchange Rate On Wednesday

[glasgowjohn]

My friends in the banking world say that there will be revised FX rates announced tomorrow with immediaate efffect

According to them the official $USD will be @ 13.5 pesos.

Does anyone have any other info?

I asked the question what will happen to the blue -- but noone seems to know.

 

[sesamosinsal]

Yes, they resolved the dollar futures debacle. Who knows what the rate will be. It will probably be less than the blue given that the blue market isn't so efficient.

Personally speaking, I will be throwing a little party. I am so sick of the blue dollar.

 

[nicoenarg]

I asked the question what will happen to the blue -- but noone seems to know.

Blue will exist as it always has, me thinks.

The difference between the blue and normal dollar rate will not be that much.

There are plenty of reasons for the blue to continue existing like not wanting to pay the exorbitant fees. Buying more money than your income suggests you can buy, etc.

I'm glad at least some sanity will return in terms of how many different dollar rates exist. I don't expect it to be completely normal (no blue dollar) though.

 

[nikad]

I wonder if that means that you can take money out from any ATM at the new and only rate? Historically there has always existed a black market with a +/- 5% exchange rate over the official rate.

 

[citygirl]

Blue will exist as it always has, me thinks.

It really hasn't though. Prior to 2012, the exchange was what it was. There wasn't different rates. I used to take out my pesos from the ATM, not travel with USD as there really wasn't any need.

 

[nicoenarg]

It really hasn't though. Prior to 2012, the exchange was what it was. There wasn't different rates. I used to take out my pesos from the ATM, not travel with USD as there really wasn't any need.

Cuevas always gave you a better rate if you did business with them. You could avoid ATM fees and other bank fees (also the advantage of keeping the transactions out of the system). That is what I meant by "blue rate".

 

[HenryNisental]

Not too bad!, today I exchanged USD at 14 pesos per dollar at a cueva.

 

[Girino]

I wonder if that means that you can take money out from any ATM at the new and only rate? Historically there has always existed a black market with a +/- 5% exchange rate over the official rate.

I think they will have to gain the trust of foreign banks, and this will take time. Some of my banks don't allow to withdraw money in Argentina due to the volatile economy here, but they do allow a limited use of debit purchases (something like USD 200/month).

 

[Churchill]

Can't see it staying at 13.5, would make it overvalued, can see it being closer to 15 in a few weeks. 13.5 makes this place effing expensive.

 

[bobsnowpuppy]

As 13.5 is still an overvalued peso, the black market isn't going to disappear