News of dollars

Argentina stops banks from hoarding dollars ahead of devaluation

Yesterday 13:34 Central Bank limits amount of foreign currency the nation’s commercial lenders can hold, in a push to discourage US dollar hoarding ahead of an expected devaluation by president-elect Javier Milei.

AGRICULTURE & ECONOMY

Foreign currency income from agroindustry down 50% so far this year

03-11-2023 15:40 Impact of severe drought illustrated by lack of income – as much as US$20 billion might be lost this year.

CROSS-BORDER SHOPPING

Uruguayans pile into Argentina to spend record US$1 billion

30-10-2023 11:11 Uruguayans are taking advantage of Argentina's deep economic crisis with food, vacations and shopping costing a fraction of the price back home.

FUEL CRISIS?

Argentines queue for fuel as FX shortage strands tankers at sea

26-10-2023 13:49 Growing lines at the pump and darkened gas stations at night are tangible signs of a fiscal crisis spiralling out of control.

Currency woes

A US$500-million cash pile at Argentina’s main airport unnerves banks

19-10-2023 00:06 Banks have seen a sharp increase in dollar withdrawals at their branches ahead of the election. Forced to import cash to meet the surge in demand, a government move meant to stem “irregularities” in foreign trade has compounded concerns.

INTERVIEW / PERIODISMO PURO

Carlos Melconian: ‘I believe that there is an opportunity because we have touched bottom’

14-10-2023 05:53 Famous for being the “king of metaphor,” Carlos Melconian will be Argentina’s next economy minister if Patricia Bullrich wins the upcoming election. In an extensive interview he explains his integral plan for putting Argentina back on its feet.

by Jorge Fontevecchia

Dollarisation proposal

Peru’s Velarde says Argentines should be free to choose currency

06-10-2023 14:03 Julio Velarde, Latin America’s longest-serving central bank chief, says "people should choose what currency they want to keep their money in."

No 'Verano en la costa'?

Prices in dollars puts Argentines’ summer vacations in doubt

26-09-2023 15:33 When the sweltering summer arrives, many in Argentina flock to the Atlantic coast for their summer break. But with inflation eating away at spending power and prices now being listed in dollars, 'verano en la costa' is now out of reach for many.

THIRST FOR DOLLARS

Inflation at 100% has Argentines demanding pay in US dollars

23-08-2023 14:12 The use of the dollar, while hardly new in Argentina, is exploding across the country today as inflation soars and destroys the value of the peso.

BLOOMBERG - ANALYSIS

Dollars are so scarce in Argentina that yuan use is at a record

26-06-2023 13:46 Yuan’s share of forex transactions hit record 28% this month; Dollars in short supply amid surging inflation, crop failures.

Albiceleste in Asia

'Robbery' – fans complain at US$680 tickets to see Argentina in China

02-06-2023 08:40 Chinese football fans complain as ticket prices are released for friendly match between Argentina against Australia in Beijing.

RELATIONS WITH CHINA

Economy Minister Sergio Massa to fly to China for swap line talks

28-05-2023 10:08 Argentina's economy minister will travel to China next week in a bid to free up more cash from a currency swap line that could help stem a peso sell-off before this year’s presidential election.

Bloomberg

Government hauls in oil firms for meeting amid dollar shortage

24-05-2023 10:43 Officials set to meet with oil firms to discuss how imports must be financed amid a severe shortage of dollars.

FIFA U20 WORLD CUP

Government creates US$50-million workaround for U-20 World Cup

19-05-2023 13:29 Just two days before the kick-off of the Under-20 World Cup, Argentina's government creates exceptional one-off exchange rate for the import of football equipment.

FINANCIAL TURBULENCE

President Fernández accuses opposition of fuelling peso fall

25-04-2023 17:55 Argentina's currency extends multi-day slump to weaken on parallel exchange markets against dollar to 497 pesos per greenback, with President Alberto Fernández and Economy minister Sergio Massa lashing out at "rumours and false reports."

FINANCIAL TURBULENCE

Economy minister vows to use ‘all tools’ to stop peso’s slump

25-04-2023 15:10 Argentina’s Economy Minister Sergio Massa vowed to staunch a collapse in the nation’s parallel currency rates as the peso’s worth slumps to record lows.

FINANCIAL TURBULENCE

Massa to use ‘all state's tools’ to counter exchange rate turmoil

25-04-2023 15:02 Economy Minister Sergio Massa vows to use “all the tools of the state” to bring “order” to dollar-peso turbulence, as he blames “rumours and false reports” for exchange rate turmoil on parallel markets.

NEW EXCHANGE RATE

Argentina debuts ‘Dollar Malbec’ to aid exports amid drought

31-03-2023 10:16 Economy Minister Sergio Massa confirmed Thursday he’s rolling out a temporary, subsidised exchange rate for wine and other agriculture products, dubbed the “Dollar Agro” or “Dollar Malbec” by the local press.

BILLS, BILLS, BILLS

Central Bank approves higher denomination 2,000-peso bill

02-02-2023 17:43 Monetary authority approves move to accommodate the needs of banks and shopkeepers; More than eight billion banknotes in circulation in Argentina, with inflation eating away at value of each.

Tourism

Cruise ships flock to capital, with 50,000 tourists visiting Buenos Aires in two-week spell

25-01-2023 13:36 Cruise tourism season, which started in October and ends in April, will see the arrival of more than 120 luxury liners, which translates into almost 350 thousand passengers and an average daily expenditure of 90.6 dollars per traveler.

EXCHANGE MARKET

Argentina’s elaborate ploy to lure tourists has begun

21-12-2022 16:55 In a bid to boost tourism dollars in Argentina, the government is allowing travellers access to an exchange rate that nearly doubles their purchasing power.

ECONOMIC OUTLOOK

Massa team on alert amid accelerating Central Bank reserves sales

22-11-2022 16:53 Argentina’s Central Bank had to sacrifice almost US$200 million in operations on the foreign exchange market last week.

CURRENCY CONTROLS

Argentina lets tourists tap parallel FX rate to bring in dollars

03-11-2022 12:53 Foreign tourists who use non-Argentine issued credit and debit cards will be charged a more lucrative financial exchange rate known in Spanish as the ‘Dólar MEP’ (Mercado Electrónico de Pagos).

PRODUCTION

Economists and businesses see a dollar drought on the horizon

03-11-2022 00:34 Private sector fears government's economic team will tighten restrictions on access to hard currency for purchase of inputs, creating a dollar desert drought until March.

BLOOMBERG – ANALYSIS

From Coldplay shows to the World Cup, Argentina mixes exchange rates

12-10-2022 08:23 Government officials on Wednesday will roll out new taxes applied to the official exchange rate for foreign travel ahead of the World Cup in Qatar next month and for locals attending concerts by artists such as British rock band Coldplay.

HUNT FOR GREENBACKS

Massa seeks more dollars, betting everything on 2023

07-10-2022 08:51 Relief from the government’s “soy dollar” twinned with concern because hoarding hard currency will not be so easy in the final months of the year; Minister on course to deliver fiscal deficit of 2.5% of gross domestic product, thus magnifying future political tensions and challenges for an electoral year.

AGRICULTURE

Government eyes FX incentive for soy exporters in bid for dollars

01-09-2022 01:44 Government may introduce temporary exchange rate for soy exporters in September in a bid to boost its dollar holdings and Central Bank's cash reserves.

BLOOMBERG

Peso crisis imperils coffee supplies in famed cafes of Argentina

30-08-2022 15:47 An escalating currency crisis is threatening a touchstone of Buenos Aires life: coffee.

Currency crisis

Economy Ministry set to introduce ‘tech dollar’ exchange rate for freelancers

26-08-2022 10:24 Portfolio headed by Sergio Massa is moving forward with plans to introduce a "monotributo tech" exchange rate for freelancers in the knowledge economy.

Deposit decline

Argentines withdraw US$1 billion from bank accounts amid turmoil

23-08-2022 21:23 More than US$1 billion of dollar deposits have been withdrawn since former economy minister Martín Guzmán resigned in July.

BLOOMBERG

Argentina asked crop exporters to bring US$1 billion next week

12-08-2022 14:34 Government asks top crop export and processing firms to make sales equivalent to US$1 billion over the next week as it seeks to bolster Central Bank reserves.

Bloomberg

Argentina’s bonds rise amid reports of a cabinet shakeup

28-07-2022 15:34 The markets have responded favourably to rumours Economy Minister Silvina Batakis could be replaced by lower house speaker Sergio Massa, which was reported by local media late Wednesday night.

Bloomberg

Argentina Economy Minister says she has strong political support

27-07-2022 15:55 New Economy Minister for Argentina Silvina Batakis tells Washington reporters she will stabilise economy, claiming strong political support from the government.

Economy

'Green madness' as dollars found at Argentina dump

26-07-2022 14:02 Dollar hoard discovered in local dump. Residents frantically scrabble through trash to try and find the US dollar bills believed to have been discarded inside a cupboard.

BLOOMBERG

Runaway price hikes has soy farmers hoarding all they can

15-07-2022 13:07 In Argentina, the top exporter of soybean products, farmers are hanging on to more of their crops than normal to defend against rampant inflation in yet another blow to global food supplies.

BLOOMBERG

Central Bank asked exporters to help bolster reserves

01-07-2022 15:50 Central Bank asks crop exporters to sell more dollars than they were planning this month so that the country’s reserve level will rise to meet an upcoming target for its US$44-billion programme with the International Monetary Fund.

UNDECLARED WEALTH

INDEC: Argentines have more than US$360 billion in undeclared wealth

01-07-2022 11:04 INDEC puts a number on the colossal fortune Argentines are hiding from the tax authorities – according to the bureau, more than US$360 billion is stashed overseas or under mattresses, either in banknotes or invested in foreign funds and currencies.

POLITICS & ECONOMY

Can’t see the forest for the trees

21-05-2022 06:01 The internal struggles between Alberto and Cristina, along with the rift with the opposition, trivialise the issue of export duties and other much needed reforms that would allow Argentina to unlock its potential.

by Agustino Fontevecchia

BLOOMBERG

As rivals turn screws on mining, Argentina puts out welcome mat

11-05-2022 23:35 Government turns to capital-control loopholes and tax breaks, eyeing export boost as neighbours look to raise mine taxes.

TECH & TAX

Argentina's tech industry earning billions of dollars off the books

22-04-2022 16:30 Billions of dollars in Argentine technology exports are going unreported as companies and freelance workers skirt currency controls, according to an industry group.

AGRICULTURE

Drought could trim a third of Argentina’s economic growth this year

18-01-2022 15:47 Dryness that’s parching soybeans and corn across Argentina’s Pampas crop belt will shave US$4.8 billion off the nation’s gross domestic product this year, according to one of the first analyses of the economic impact of the drought.