First modification:
The dollar, which is sold in the informal market in Argentina, is close to 500 Argentine pesos and worries the Government of Alberto Fernández, pointed out by the opposition for his mismanagement of the country’s economy. One of the reasons for the shortage of foreign currency is the drop in the country’s exports, a scenario exacerbated by situations such as drought and bird flu, which hit the agricultural and livestock sectors.
The green ticket that is traded in the informal market reached a record on Tuesday, April 25, when it cost 495 pesos for each unit, which represents an increase of 40% since the beginning of this year.
The blue dollar is the one that serves as a reference for citizens who find it almost impossible to buy in the official market due to strict state controls.
One of the hypotheses of local economists, surveyed by El Universal, is that the rise in the dollar is due to the fact that the country’s exports have fallen considerably, a scenario to which is added the high inflation that reached 104.3% year-on-year in March, a triple-digit figure that has been recorded since February when it reached 102.5% per year and that, in addition, has the population discontented, which has shown its anger in the streets.
The inflation data for March had not been seen since 1991and although the tensions on the economic issue do not cease, the Government must still deal with the payments that it must make to the International Monetary Fund (IMF) for an agreement that it signed with the organization in 2018 for 44,000 million dollars.
Within one of the claims of the Argentines is the fact that many of the products that the country imports will now also increase in value while the dollar is through the roof, and even those who were supporters of the president have taken to the streets against the management of the agent, as the most recent protest registered in Buenos Aires on April 17 called by the organization Encuentro Patriotico (EP).
We are witnessing a permanent practice of the Argentine right.
First they install rumors in the morning, then they operate throughout the day and when the afternoon ends, they withdraw their profitability from the exchange market and hurt the savings of Argentines and Argentines.
– Alberto Fernandez (@alferdez) April 25, 2023
For the administration of President Alberto Fernández, the currency crisis in the country is due to rumors and speculation by the political opposition. Economy Minister Sergio Massa said on his Twitter account that “false reports” have been published regarding this scenario, while Fernández assured that he and Massa are “working together to face this scenario.”
“We are going to use all the tools of the State to order this situation and in this sense we notified the IMF of the restrictions that weighed on Argentina and we are going to change in the re-discussion of the program,” wrote the person in charge of the financial portfolio.
For several days we have been experiencing an atypical situation of rumors, versions, false reports and their consequent impact on financial instruments linked to the dollar.
— Sergio Massa (@SergioMassa) April 25, 2023
With local media.
#Economy #blue #dollar #Argentina #breaks #ceiling #local #currency #devalued