Monday, June 24, 2024

ECONOMY | 06-10-2023 16:18

‘Blue’ dollar soars ever higher – parallel exchange rate nears 900 per greenback

Movement of people and companies trying to dollarise is being felt given the proximity to the presidential election as exchange rate turbulence continues.

The “blue” dollar surged on Friday once more to 890 pesos in central Buenos Aires, whereas outside Greater Buenos Aires it is even more expensive and broke records by selling for 900 pesos in such areas as Mar del Plata.

On another heated day in the foreign exchange market, after the Government tightened currency restrictions once more, traders and savers continue to seek the greenback as a shelter currency. They want to dollarise portfolios and see what happens in the presidential election on October 22.

Thus, the currency rose by 22 pesos in the marginal market.

Amidst a climb of the MEP Electronic Market Dollar and the Legal Parallel Exchange Rate (Contado con Liquidación), the CNV Securities Commission imposed new residence times for the exchange rate for the sale of bonds under foreign legislation.



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