The informal exchange rate climbed $8 to add $32 so far this year. The MEP dollar, meanwhile, was located at $341.89. As always, the factors exposed by analysts are multiple and diverse, but they vary depending on the library consulted. They range from an adjustment for past inflation to an attempt to destabilize, going through some specific measures that the Government took to discourage supply in the informal market.
One specific fact is that in November the Executive announced a differential exchange rate for purchases with credit cards issued abroad. Instead of giving tourists the official price of around $180, they are given a value for every dollar similar to that which arises from operations on the stock market, regarding $350. The measure began to take effect in December, when the main operators were able to adjust their processes to reflect the improvement.
As soon as this started to happen there was a massive migration by tourists, from cash to plastics. According to data from one of the main firms in the sector, last month the amounts operated with foreign cards grew by 85% year-on-year in dollars. Regarding the number of transactions, the jump was 79%. The rebound, as they indicated, also continued in the first days of this month, so that a large part of the supply received by the informal market went to the official market.
According to the Government, tourists from neighboring countries, who know the mechanics of multiple exchange rates, such as Brazil, Chile and Uruguay, are the ones who used the caves the most and are now turning their expenses to credit cards.
At the same time that the offer in the informal market by foreign tourists who visit the country falls, the demand of Argentines who travel abroad grows. It is that despite the rise that has accumulated since the end of December 2023, the blue dollar is still below the Qatar dollar, although with the last jump, only regarding 49 cents. Will this be the ceiling for informal currency?
