July 19, 2024

To the so-called “soybean dollar” and the “blue dollar”, now in Argentina three other exchange rates were added to frame certain purchases. For example, from now on, those who can can only buy high-end vehicles, yachts, jets or precious stones at the “luxury dollar” price.

How many exchange rates are there in Argentina? No one knows for sure, but as of this Wednesday there are three more: the “Qatar dollar”, the “luxury dollar” and the “Coldplay”new inventions in a country short of foreign currency and that, yes or yes, needs to take care of its monetary reserves.

The Argentine government decided this Tuesday to close the dollar faucet even more.

Exchange restrictions are not new in Argentina, but the current scenario of foreign currency scarcity, added to the commitments acquired before the International Monetary Fund (IMF) to accumulate monetary reserves, have moved the Argentine authorities to new foreign exchange measures.

World, musical and deluxe

On the one hand, it created “Coldplay dollar”, alluding to the British band that will soon give a dozen recitals in Argentinaa new differential exchange rate that will be applied from this Wednesday for hiring foreign artists that they give concerts in the country and also for sports activities that imply some transfer for payment abroad.

The “Coldplay dollar” is worth about 204 pesos per unit, much more expensive of the exchange rate that is applied to the payment of any importation of services.

For entrepreneurs in the sector, with serious difficulties in accessing dollars at the official exchange rate or who bought through financial channels at a much higher value -between 288 and 304 pesos per unit-, the new rate ensures that they continue with their activity and guarantee the many sources of local work linked to the production of international shows.

While, the “Qatar dollar”named after the higher expenses of Argentine travelers abroad that are expected for the World Cup, It will be applied for consumption in dollars with a credit and debit card, tickets abroad and tourist packages abroad over 300 dollars.at an exchange rate of 300 pesos per unit.

The same value will apply to the acquisition of imported luxury goods: from now on, whoever can, You will only be able to buy high-end vehicles, yachts, jets or precious stones at “luxury dollar” prices.

Operational reservations

According to official sources, the aim of the new measures is “take care of the” monetary reserves “for production and job creation”.

The reserves of the Central Bank closed this Tuesday at 40,114 million dollars, just 452 million above the level of the end of 2021, but private consultants assure that freely available reserves are meager, which explains the strong restrictions since last June to access to dollars to pay for imports.

On top of that, Argentina must accumulate 5,800 million dollars in its reserves this year to meet one of the goals of the agreement signed with the IMF last March.

To help achieve this goal, in September the Government created the “soy dollar”a differential exchange rate aimed at stimulating the export of grains and through which foreign currency entered the country for 8,123 million dollars.

For Leonardo Piazza, director of the consulting firm LP Consulting, the new exchange rates announced this Tuesday they are nothing more than a “patch” that seeks to discourage the outflow of dollars by way of trips abroad and luxury imports in order to respond to the industry, which demands dollars to import production goods, and avoid further cooling of economic activity.

“We have a basket of dollars that is already difficult to understand. We have between 30 and 40 exchange rates. It’s complex: stocks more stocks, patch after patch. And this shuts down the economy,” Piazza said.

According to the expert, in the last six months through consumption in dollars with cards, an average of 641 million dollars per month went away, a a figure that “will grow with the 40,000 Argentines who would travel to Qatar” for the World Cup and the tourists who will go abroad in the coming austral summer.

“Argentina raised a few dollars with the ‘soy dollar’ and made sure that the IMF would make a new disbursement. Now he has to take care of the dollars for internal production and that the economic activity does not continue ironing. And that is why it creates another patch: a lock on tourist spending and another on imported finished goods”Piazza pointed out.


#Argentina

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