facilitated currency exchange for tourists
In order to avoid that tourists exchange their currencies in the black market, Argentina will facilitate the exchange of currencies brought by tourists.
In Argentina, the exchange rate of currencies on the black market enjoys a much more favorable rate than the “official” rate.
In order to make it easier for tourists to exchange currency, the Central Bank of Argentina has just announced that it will allow tourists to sell up to 5,000 dollars at authorized counters. “The exchange rate will be the one used in the financial market operations” says the Ministry of Economy. A tourist will be able to change his currency at the price of the dollar MEP (Electronic Payment Market) which was Thursday at 325 pesos for a dollar, very close to the informal market (338 pesos), while at the official rate, a dollar is worth 136 pesos. The date of entry into force of this measure was not specified.
In Argentina, several exchange rates coexist for different types of transactions. The MEP dollar is the exchange rate for debt bond transactions on the Buenos Aires Stock Exchange. The black market rate has risen by almost 100 pesos since the unexpected resignation on July 2 of the Minister of the Economy, Martin Guzman. The dollar was trading at 239 pesos.
The goal of the measure is to ensure that dollars brought in by tourists replenish the country’s reserves, rather than ending up on the black market.
