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.
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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 exchange shortageadded to the commitments acquired before the International Monetary Fund (IMF) to accumulate monetary reserves, have moved the Argentine authorities to new measures in exchange matters
The new exchange rates
On the one hand, the “Coldplay dollar” was created, alluding to the British band that will soon give a dozen recitals in Argentina, a new differential exchange rate that will be applied from this Wednesday for the hiring of foreign artists who 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 than the exchange rate that is applied to the payment of any import of services.
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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.
Meanwhile, the “Qatar dollar”, Named for the higher expenses of Argentine travelers abroad that are expected by the Soccer World Cupwill 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, will only be able to buy high-end vehicles, yachts, jets or precious stones at the price of the “luxury dollar”.
How do they seek to maintain reserves?
The objective of the new measures is to take care of the monetary reserves for production and job creation
According to official sources, the objective of the new measures is to “take care of the monetary reserves” “for the production and generation of employment”.
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 5.8 billion dollars in its reserves this year to meet one of the goals of the agreement signed with the IMF last March.
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To help achieve this goal, in September the government created the “soybean 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 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 is complex: stocks more stocks, patch after patch. And this closes the economy,” Piazza said.
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According to the expert, in the last six months, an average of 641 million dollars per month went through consumption in dollars with cards, a figure that “will grow with the 40,000 Argentines who would travel to Qatar” for the World Cup and the tourists who they will go abroad in the coming austral summer.
“Argentina put together a few dollars with the ‘soy dollar’ and made sure that the IMF will issue a new disbursement to it. Now it has to take care of the dollars for domestic production and that economic activity does not continue to be ironed. And that is why it creates another patch: a lock on tourist spending and another on imported finished goods,” Piazza said.
EFE.
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