In one year, purchases abroad by credit card tripled

For the Central Bank, every dollar counts. To stop the decline in reserves, target large foreign exchange seekers and even so-called smallness. This week there were solid champions for both extremes. He has turned off the tap to importers and also to those who have in the credit card communication with the foreign market, to be able to buy what is possible outside the country.

for purchases “door to door” the outlet was from the side of prohibit the installment financing of such operations. They are becoming popular and the providers of this service already advertise not only on the web – their natural habitat – but these days, as in the case of Tiendamía, they could be seen in the broadcasts of the meetings of Libertadores Cup.

The Central Bank’s radar found that dollar outflows are on the rise due to the use of credit cards for overseas purchases. So much so that in the last exchange report we see that they have reached the 1,226 million dollars between January and May. In the same period of 2021, that figure was only $ 424 million. In other words, In one year, the dollar amount spent on credit card purchases has tripled.

In other words, with the dollar card (official plus tax) climbing very slowlycredit card users once again saw a chanceenhanced because with the parallel dollar more or less frozenand the income in pesos increases more or less close to inflation – those governed by parity – increase in purchasing power in dollars. And you know what happens when the Argentine improves his dollar income, even for a short timeand a sharp devaluation, like last month’s, pushes several lockers back into the pockets of Argentines once again.

The truth is the paper dollar continues to lag behind the rest of the legal alternative dollarswhich allowed a little “arbitration”. For card purchases, one dollar is paid today $ 215while the dollar stock market is in $ 248 and the dollar counted with the $ 252 clearance. That is to say they sell dollars for the purse get a 15% difference on the dollar card, which is an added incentive to make purchases with the card if the user already has a “joint” of dollars, as long as those dollars are empty and can be managed through the stock market.

In recent days, just in conjunction with the increased amount of dollars passing through the credit card, it has begun to be talked about that the Government is studying the possibility that theDollar consumption is paid for with dollar bills. But every time the rumor arises in the Central Bank, it is up to them to deny it.

In truth, the dollar outflow for card purchases is insignificant when you look at it in perspective. The 1,226 million for the January-May period represent only the 0.35% of total dollars -US $ 34,468 million- which were applied between January and May to the payment of imports, according to what emerges from the exchange rate of the Central Bank.

Beyond that detail, it is evident, as mentioned above, that the Central Bank puts a magnifying glass on every dollar that leaves the country. And the cards will have to be followed closely, especially in a year in which, starting November 21, a World Cup and it is expected that – despite everything and as they say on the courts “at any cost”– There will be many Argentines in Qatar.

In summary: reality shows that the Central Bank is spending more and more man-hours adding new restrictions to make it increasingly difficult to use the dollar. The truth is that this effort only demonstrates the unfeasibility of the foreign exchange trap, even if the government has no way of removing it, even with record exports and the best terms of trade in history.