Return of the Cepo (Currency Clamp)

NeoWonk

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Argentina installed foreign exchange controls in 2011, at the beginning of the second presidency of Cristina Fernández de Kirchner. Those controls limited the ability to buy or sell any foreign currency. The restriction was informally known in Argentina as "Cepo cambiario" (Spanish: exchange clamp). The controls were lifted in December 2015, at the beginning of the presidency of Mauricio Macri.
Wikipedia. Someone update Wikipedia!

And since Argentina's capital markets were already Hasenstabbed in August, when its bonds and currency imploded, and the monetary policymakers knew what to expect, moments ago the Argentinian central bank announced it would hold a press conference at 830am on Monday, ahead of which it imposed draconian capital controls, limiting dollar purchases to just $200 per person per month, down from $10,000.

Now in addition to expats having to deal with the clap in Argentina, they now have to deal with the clamp.

Spanish article: https://www.lanacion.com.ar/economia/dolar-reunion-ultima-hora-banco-central-analizar-nid2301134?fbclid=IwAR2incyGR80bSxIZSsIiy9kcV_Kd1GvTzXxL1jYRsfKedwc3bgHBz803O-s

So Cepo was not launched until the second term of Cristina. Alberto who is supposedly not as extreme as Cristina is launching them right away. Not a good sign... Blue rate to the moon.
 
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perry

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The dollar Blue is now close to 80 pesos at 10.05 am . It has dropped to 74 pesos during rhe day .
 
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perry

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MM's was 10k just last week, remember. but yeah, keep skewing things how you want.
What is it about you that you cannot admit that Macri has done bad policies . This is not a question that one is a Peronist but of common sense . The 200 dollar cap imposed by Mauricio Macri is the most anti business policy ever implemented in Argentina . Its very ironic that MM won on his policies of dismantling the cepo but he in less than 4 years implememted the worst form of it . The Kirchners were in power 12 years and the financial controls only happened in the last years of Christina Kirchners presidency .

In my country Australia like the USA the right is about helping the business class and create opportunites for them . In Argentina under MM he decimated the business class with punitive policies , massive inflation and deflation .

It will still come as a surprise for me if things improve under Alberto Fernandez as the fundamentals of the economy now are horrendous with the largest foreign debt in us dollars of any country in the world of the size of Argentinas . To be able to manage that debt and negotiate this with the IMF will be a huge task of the new government meaning that default is most likely . The world situation is also concerning with recession in many leading countries and Europe . I cannot see Argentina trading out of this soon and for this reason I can understand those who are leaving for greener pastures .
 

steveinbsas

Registered
The rate has collapsed since Monday morning . Now at the cuevas they will pay 64 pesos per dollar
As of noon today, Western Union will pay $78.70 pesos per dollar for transfers initiated on line and paid for and picked up in cash.

PS: There are about $15 USD in fees charged for the transaction, regardless of the amount of the transfer.
 
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sts7049

Registered
What is it about you that you cannot admit that Macri has done bad policies . This is not a question that one is a Peronist but of common sense . The 200 dollar cap imposed by Mauricio Macri is the most anti business policy ever implemented in Argentina . Its very ironic that MM won on his policies of dismantling the cepo but he in less than 4 years implememted the worst form of it . The Kirchners were in power 12 years and the financial controls only happened in the last years of Christina Kirchners presidency .

In my country Australia like the USA the right is about helping the business class and create opportunites for them . In Argentina under MM he decimated the business class with punitive policies , massive inflation and deflation .

It will still come as a surprise for me if things improve under Alberto Fernandez as the fundamentals of the economy now are horrendous with the largest foreign debt in us dollars of any country in the world of the size of Argentinas . To be able to manage that debt and negotiate this with the IMF will be a huge task of the new government meaning that default is most likely . The world situation is also concerning with recession in many leading countries and Europe . I cannot see Argentina trading out of this soon and for this reason I can understand those who are leaving for greener pastures .
you continue to misunderstand my original post. what i said has zero to do with macri's policy. i was calling out the stupidity of, what appears to be a totally baseless claim, that AF allegedly proposed "only" 2k so therefore he is some sort of hero and bajo gets to call out macri for making the worse decision for the economy.
 
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