Significant news about peso exchange rate

[davonz]

This is interesting. From experience living in places with problems similar to this when the gov tries to control the black market it just gets worse. There may be a quiet period while people wait to see whats happening, but it usually doesnt last for long.

I would be surprised if the blue rate is under $6 at the beginning of next week.

With inflation up over 30% people are going to be hedging against that until its under control, and what options do they have.. buy stuff (which contributes to inflation) or buy foreign currency...

 

[RSPlayer]

Except it affects the price at which (at least today and probably tomorrow) the change places, the small black market ones, are buying dollars.

I believe that it is not only "small" casas de cambio that operate in the parallel market.
If this government's actions/effects weren't so grave, it would be comical. Anyone that is not familiar with Argentina could not believe the headlines in a number of papers last Saturday that read more or less; “Government to take control of the black market for dollars”, then a day or 2 later, few government officials realized, hey, that sounds pretty stupid.

 

[French jurist]

buy stuff (which contributes to inflation) or buy foreign currency...

This is affecting the Art & Antiques local market.
All antiques of interest sell for very good prices at auctions. Of course they can be paid in pesos but they'll keep their value (in USD) no matter what.

 

[messilover]

Hello,

I am new in Argentina. I am here to do some business from the US but I have found a lot of difficulty with the red tape etc. I did an import with dollars I had saved up in the US and then i sold the goods here in Argentina for Pesos. Now I have to convert the pesos back to USD but I can only get the blue or black rate. Does anyone know the procedure of actually getting the official rate? Do i need a specific license? Is there a cap? I went to the bank and they were not helpful at all. When I sold my goods, I was guessing that I am receiving 4.47 pesos for each dollar but now each dollar is worth a lot more in real life so I undersold everything. Can anyone help?

 

[BienTeVeo]

Hello,

I am new in Argentina. I am here to do some business from the US but I have found a lot of difficulty with the red tape etc. I did an import with dollars I had saved up in the US and then i sold the goods here in Argentina for Pesos. Now I have to convert the pesos back to USD but I can only get the blue or black rate. Does anyone know the procedure of actually getting the official rate? Do i need a specific license? Is there a cap? I went to the bank and they were not helpful at all. When I sold my goods, I was guessing that I am receiving 4.47 pesos for each dollar but now each dollar is worth a lot more in real life so I undersold everything. Can anyone help?

This is a curious query.

 

[nikad]

Hello,

I am new in Argentina. I am here to do some business from the US but I have found a lot of difficulty with the red tape etc. I did an import with dollars I had saved up in the US and then i sold the goods here in Argentina for Pesos. Now I have to convert the pesos back to USD but I can only get the blue or black rate. Does anyone know the procedure of actually getting the official rate? Do i need a specific license? Is there a cap? I went to the bank and they were not helpful at all. When I sold my goods, I was guessing that I am receiving 4.47 pesos for each dollar but now each dollar is worth a lot more in real life so I undersold everything. Can anyone help?

I you did everything legally, you have to go to Afip, fill out a multinota, present all proof and wait to get approved to buy at the official rate.

 

[messilover]

@nikad

Thank you. this is what they have told me at AFIP but they are purposely slow in approving any transaction to prevent capital flight. Do you know of anyone that has had transactions like that approved lately? How long does it take in real life? I am used to go to the bank in the US and just changing money. No dealing with all this hassle. In the meantime, my money is losing value and I cannot send it to the US to buy more products...

 

[messilover]

I will even buy Euros if that is possible.... I just need to somehow not get ripped off at the black market.

 

[steveinbsas]

Hello,

I am new in Argentina. I am here to do some business from the US but I have found a lot of difficulty with the red tape etc. I did an import with dollars I had saved up in the US and then i sold the goods here in Argentina for Pesos. Now I have to convert the pesos back to USD but I can only get the blue or black rate. Does anyone know the procedure of actually getting the official rate? Do i need a specific license? Is there a cap? I went to the bank and they were not helpful at all. When I sold my goods, I was guessing that I am receiving 4.47 pesos for each dollar but now each dollar is worth a lot more in real life so I undersold everything. Can anyone help?

Did you have an 'import license" when you bought the goods into the country? Did you pay any import fees? Did you collect and pay the 21% VAT tax on the goods you sold? If not, I don't think it would be a good idea to even ask AFIP (or any government agency) about a "license" to convert your pesos to dollars. If you imported and sold on the black market I don't think there is any chance of exchanging all of your (devalued) pesos for dollars en blanco, and even if you did pay the aduana when you brought the goods in and AFIP when you sold, it still might be impossible for you to get the "official" rate for more than 25% of your profit (aka earnings).

Every time I "import" dollars from the US (using my ATM card) the funds are automatically converted to pesos. I have yet to read a post that anyone was successful in buying dollars with thier ATM receipts. I know that's different from what you have done, but it just underscores the point that buying dollars at the "official" rate is now more difficult than ever.

Edit: I just read Nikad's and mesilove's post that were made while I was writing this. I hope it works out and you get the best rate.

By the way, if you plan to continue importing goods from the USA I think you can make a killing on peanut butter alone (at least from this group...including me if it's Laura Scudder's).

 

[trennod]

By the way, if you plan to continue importing goods from the USA I think you can make a killing on peanut butter alone (at least from this group...including me if it's Laura Scudder's).

Steve, they have peanut butter in Disco and Carrefour now (well the 2 closest to my place). Its expensive, at about 35 pesos. Mind you, I also stumbled upon that same brand for 20 pesos across from Hospital Aleman about 2 weeks back. Unfortunately I wasnt carrying any cash.

I dont think it is quite as good as Kraft peanut butter back in Aust, but to be honest for me its not that much different...