Waiting for the “fine print” On the new exchange rate for international tourists in the country, the blue dollar drops to $ 290 and the financial data advances this Thursday. Both settlement liquidity and the MEP dollar rose 0.9% after midday and were trading at $ 306.14 and $ 293.71 respectively.
On Wednesday, with Sergio Masa at the helm, the economic team announced the creation of a new one special quote for foreign tourists, who will be able to exchange their currencies at the value of the MEP dollar, to discourage them from selling their dollars in the informal market. This is how they try to capture some of the $ 2,400 million estimated to enter the country over the course of the year due to international visits.
The measure must be regulated by the Central Bank, whose board of directors is meeting this afternoon in its weekly appointment. City economists warn the bet could serve to inject more dollars into the MEP, but it would have a marginal impact on the level of gross reserves. It is that this time the banks are not intervening as they do with the “Qatari dollar” and unlike what happened with the soybean dollar, the Central Bank will not have to issue pesos to buy those dollars for its reserves.
Inveq economist Juan Pablo Albornoz explained: “By allowing card companies to pay dollars to the MEP, the Central relegates the very marginal supply of foreign currency that was in the official tourist accommodation and card consumption market. foreign in the country, but at least it allows tourists to begin to abandon total informality with which they currently move “.
According to the government, the measure will begin to be implemented starting this Friday. Albornoz underlined: “It is not yet clear how the MEP is determined, how does the tourist find outexactly at what price your dollars would be bought, etc. As the measure is not yet clear and tourists are strongly advised to avoid using the card at all costs, I doubt it will have a significant impact in the short term “.
At the money counter of a bank they commented: “We do not yet know what the implementation of the rule is like. But this is in theory makes an offer to blue and makes a bid on the MEP dollar. He also takes an offer that went to the MULC. “Is that, even with an unattractive exchange rate of $ 160 at Banco Nación, the dollars of the few tourists who entered the formal circuit have potentially impacted the level of bookings.
Anker’s economist, Martín Vauthier, explained: “We will probably see more formalization of operations, because these changes would be effected through the financial market and would probably imply a improvement of the gross reserves of the Central Bank, not net “.
So far this year, the foreign exchange market’s travel account balance marks a deficit of nearly $ 500 million, up from $ 150 million in the same period last year. This result is the product of the sharp increase in demand for foreign currency, while the income from liquidation of tourists in the MULC is just $ 30 million a month.
Although the consensus of economists is that this initiative will take best results practical compared to the two previously conceived by the Government in the last twelve months, they also agree that the the impact will be limited.
Amilcar Collante, from CESUR (Center for Southern Economic Studies), explained: “The impact is limited. Monthly, foreign tourism in Argentina involves between 30 and 40 million dollars a month, which is 20% of the total income. Yes, the measure works well, bringing that percentage to 60% could add $ 80 million more to the official market and this is what would be lost in the parallel market. “
NEITHER
Source: Clarin
