From Friday a new dollar will be enabled for foreign tourists who make purchases in the country with a debit or credit card. This is a mechanism by which card spending from abroad in the country can be settled on the financial market at the value of the stock dollar (MEP), which priced today is $ 290.
This was announced Wednesday by the Minister of Economy, Sergio Massa, together with his counterpart in Tourism, Matías Lammens; the head of the Central Bank, Miguel Pesce; the head of the Chamber of Tourism, Gustavo Hani; that of Hotels, Restaurants and Pastry Shops Daniel Prieto and that of the Federation of Travel and Tourism Agencies, Andrés Deyá.
The bet is to discourage the use of cash and thus capture $ 1,100 million to swell BCRA’s reserves with tourism dollars, which until now have largely gone to the informal market. where blue is trading at $ 291.
This new price will represent nearly double what the official dollar is worth today, which stands at $ 163.50.
Here are 14 keys worth knowing to understand how the new operation will work:
What will be the procedure of the new regulation
Tourists consume with the card. LThe card converts this expense to the exchange rate established for foreign tourists, that means, c. Tourists pay for the cards in dollars and the card companies sell those dollars in Argentina through the financial market and then pay the businesses or services in pesos.
What is the main objective of this new regulation?
the central idea it is that non-resident tourist who visits the country pcan use electronic means payment system for added security and convenience. Argentina has developed a national digital payment system with great success.
How the new exchange rate is calculated
The exchange rate to be used will be the MEP dollar (today for $ 292), with the most liquid bonds. Up to now BNA has been used (today at $ 163.50). Card companies may charge a fee for this operation.
From when will it be valid?
The norm will come in Effective from Friday 4.
Who implements the measure?
This regulation is not implemented through banks but through credit cards. Banks intervene in the expenses of Argentines abroad and not in those of foreigners in Argentina. Card companies will be able to sell dollars in the financial market. They are required to register and pay them in MEP dollars. It’s not mandatory.
Is it for all tourists, from any country?
Yup, for all those who have a card from abroad.
How do you recognize that the card belongs to a foreigner?
Just as it has already been done. The chips and card routing indicate which side and in which country it was issued.
What happens to Argentines who have cards issued abroad?
If they pay with cards from abroad, they have the same advantage.
What happens to Argentines with dual nationality?
If they pay with a card from abroad, they get the same advantage.
is Only for credit cards or even debit cards?
It is for credit, debit and also for prepaid.
Does conversion do business? Or the bank?
The business changes nothing. The bank does not intervene. The conversion is done by the cardholder.
Will this affect BCRA reserves? Will the BCRA pay the price difference?
BCRA will stop receiving the amount – minimum – than the cardholders sold so far in the MULC. The advantage is that the dollars that cardholders enter to sell now on the financial market will increase the reserves when they are deposited in the accounts of the sellers.
YN
Source: Clarin
