Peso blue rate is 40% above bank rate

[toongeorges]

Isn't this all the consequence of restricting the currency exchange and http://en.wikipedia.org/wiki/Gresham%27s_law put to practice?

The more they restrict the peso, the less it is worth, the more valuable the US dollar and the more the US dollar leaves the economy/country.

Obviously the Argentine government needs US dollars, though it seems to me the restrictions are counter productive and may in the end cause another default, which would force another devaluation of the peso.

 

[davonz]

The peso hit 6.80 today against the US$ around lunchtime, but has since dropped back to close at 6.74 on the blue market.

The latest round of restrictions from last week (from what i remember reading is no more saving in US$, and if you are going on holidays you can only purchase US$100 for each day away per family) has caused a bit of panic buying i guess. Will be interesting to see if it settles here for a couple of weeks like it was at 5.95, or if it will keep on dropping.

 

[fuccolini]

i just changed for 6.2 and to buy was 6.7 -----> in mendoza

 

[Tourist2008]

I imagine a long time ago someone tried to stop prostitution by making it illegal .....

 

[Joe]

WSJ is getting in on the excitement in Argentina as well:

Argentina Dollar Bonds Gain as Black-Market Dollar Rate Soars

http://online.wsj.com/article/BT-CO-20120718-716519.html

 

[kosta]

Where's the best place to exchange dollars in BA (blue rate)?? Today I sold for 6,20 on Florida street and now I read that the actual blue rate is 6.70. Where??

 

[Frinkiac7]

Seems like most of the threads where people reported on their buying experiences are at least a few weeks old. With the complete block on buying dollars and all of the AFIP jackboot nonsense going on within the last ~2 weeks, have they really cracked down on change places? I heard a couple on Florida street got shut down, but I imagine the trade is still booming.

You'd think they wouldn't have a problem with anyone trying to unload USD into Argentina, rather than flee for the exits with it. I know they won't make any distinction re: the blue, but still.

Who knows what/where it will be in a month's time, I hope it's still viable enough that I can make use of it when I swing through.

 

[steveinbsas]

Who knows what/where it will be in a month's time, I hope it's still viable enough that I can make use of it when I swing through.

Good luck, Tarzan. Hope ya don't get cheetad.