Take out your dollars now!!

[gsi16386]

According to La Nacion the dollar reserves are dropping by an average of $100 Million a day ($150 Million yesterday alone ) totaling almost $1 Billion dollars in the last eight days! Really amazing stuff. So I guess the control measures are having the exact opposite effect --- good work Ks --- simply brilliant once again.

better yet, people are having issues getting pesos out of the bank and ATMs because everyone is pulling out their pesos to buy dollars on the black market (which I had a buddy of mine change his in at a 5/1 rate), or spend them as fast as possible on goods.

It's just so sad to me...so so sad to see this happen to good, strong people, but my girlfriend keeps telling me that they're used to this and it's just a cycle. It'll go a little nuts for a while, the peso will devalue or readjust, and then they'll move forward again.

 

[va2ba]

better yet, people are having issues getting pesos out of the bank and ATMs because everyone is pulling out their pesos to buy dollars on the black market (which I had a buddy of mine change his in at a 5/1 rate), or spend them as fast as possible on goods.

It's just so sad to me...so so sad to see this happen to good, strong people, but my girlfriend keeps telling me that they're used to this and it's just a cycle. It'll go a little nuts for a while, the peso will devalue or readjust, and then they'll move forward again.

It's not moving forward when every 10 years or so you fall back to the same position you were in before. Thats not what I would call progress.

 

[starlucia]

It's not moving forward when every 10 years or so you fall back to the same position you were in before. Thats not what I would call progress.

Heh. Just last night an Argentine friend, who lives in the US, asked what Capital was like following Cristina's 'victorious re-election.' When I told him about the clampdown on buying dollars, and that he could probably make a killing by bringing a wad of USD into the country, his response was, "Oh is that going on again? God, my dad was making money off the currency trade in the late 80s. That place never changes."

 

[elclandestino]

Why should it change if society and its behavior don't change?

 

[gsi16386]

It's not moving forward when every 10 years or so you fall back to the same position you were in before. Thats not what I would call progress.

I hear ya bro...i hear ya.

 

[snowboarder]

ambito.com 4.99

 

[allcraz]

Who has dollars in an Argentine bank?

We did. Until yesterday.

 

[arlean]

I think I need a little educating. My bank tells me I can't hold dollars here, they automatically change it to pesos. Is this true, or am I banking at the wrong bank?

 

[allcraz]

I think I need a little educating. My bank tells me I can't hold dollars here, they automatically change it to pesos. Is this true, or am I banking at the wrong bank?

Arlean, I don't know everyone else's story, but this US dollar savings account I referred to was opened by my husband many years ago at Bank Boston>Standard Bank. My bank account was opened by my employer at Banco Frances, and I have the option of paying a monthly fee for a US savings account, although I wouldn't even think of opting for it now since I can't transfer pesos to dollars using home banking. I don't know why a US dollar savings account wouldn't be an option for you at your bank?

 

[JWB]

I think I need a little educating. My bank tells me I can't hold dollars here, they automatically change it to pesos. Is this true, or am I banking at the wrong bank?

I guess it would depend on the bank...but in short, they are lying to you. You are able to hold dollars (in your account) as actual dollars.

You would have an account balance that shows your pesos and a separate that shows dollars.

However, you won't have to worry about that in the near future so I would just hold onto any dollars you have and keep them as far from the banks as possible.