The government of Argentina confirmed that it will change the exchange rate and will adopt new measures to increase the entry of dollars into the Argentine formal market. According to an article published on the Cronista website, after a Cabinet meeting attended by Minister Silvina Batakis, the government will adopt measures for the dollars to enter the Central Bank of the Argentine Republic
Due to the crisis experienced in Argentina in recent months, many tourists from other countries are taking advantage of the country’s bad phase to enjoy their holidays. With the devaluation of the local currency, in recent days it was possible to exchange 1 dollar for something around 300 pesos in the parallel exchange in Argentina, while in the official exchange rate, the exchange dropped to 130 pesos.
To increase the inflow of dollars into the BCRA, the government announced that a special exchange for foreign touristsso that the commercial dollar is sold for an approximate value at parallel rates.
According to the Minister of Tourism and Sports of Argentina, Matías Lammens, the country needs to retain the dollars brought by tourists. The announcement made by him yesterday morning was confirmed by the government spokeswoman, Gabriela Cerutti.
High Inflation in Argentina
Inflation in Argentina reached its worst level since 1992 and reached 64% in the 12-month period, in June this year. The data was released by Indec (National Institute of Statistics and Census) last Thursday, July 14th. The consumer price index had a high of 60.7% in the same period, until May this year.
The tragic period experienced by the country has been an excellent destination for Brazilians in the face of the devaluation of our currency against the dollar. The country received 2.5 million Brazilians in the first half of 2022, representing 22% of local tourism. According to the Panrotas forum, May this year surpassed the result of the same month in 2019 in terms of receiving Brazilians.
Brazilians Have Rich Days in Argentina
Not everyone knows how to take advantage of the bad phase of the country. The use of credit card is not favorable for the traveler. One way to get the best currency conversion is by using the Western Union bank (international transfer network), downloading the application, making a payment transaction via PIX or bank transfer and putting the option to withdraw the currency at an exchange office.
Soon, the new measure will be announced by the government. Stay tuned if you are planning a trip to Argentina soon.
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