New official exchange rate: 800 pesos per dollar

[Caribbean Cool]

Argentina’s Milei Devalues Peso by 54% in First Batch of Shock Measures

Argentina devalued the peso by 54% and announced a swath of spending cuts as the first steps of President Javier Milei’s shock-therapy program to revive the nation’s troubled economy.

www.bloomberg.com

 

[jblaze5779]

who said official @1000 by the end of the year? Pretty close

 

[Rich One]

Watch out for your streaming charges , Netflix, Prime , HBO. etc. Price increases through the roof.

 

[AdrianB]

How will this influence the blue rate?

 

[jblaze5779]

How will this influence the blue rate?

They ideally will match and you won't really have a blue rate like pre 2020

 

[amylund]

They ideally will match and you won't really have a blue rate like pre 2020

So the official and the Blue will be the same?

 

[gringoexpress]

So the official and the Blue will be the same?

that's the goal

 

[amylund]

Well not sure if that can happen lol lots of cambios will be out of business but that is probably the goal too . Was anything said about MEP/ credit card purchases? Though nice to pay bills at a fraction it makes it much easier and consistent when paying from abroad.

 

[perry]

with this change prices will go up 50% in dollars in a few months . I am sure that many who supported milei are starting to have second thoughts !

 

[Quilombo]

They ideally will match and you won't really have a blue rate like pre 2020

So the official and the Blue will be the same?

The cepo hasn't been removed like in 2015-2019, so the blue remains, and likely increases as the MEP/CCL dollar and blue remains the only dollars accessible to Argentines, and there is now an incentive to buy MEP/CCL/Blue dollars as it will be cheaper to use these to pay for purchases abroad compared to the dolar tarjeta.

They also said the crawling peg returns, but at a devaluation rate of only 2% a month, wayyyyy below inflation. So, in many ways, meet the new boss, same as the old boss.