Matías Lammens, Minister of Tourism
With increasingly scarce reserves, at a level that the government is beginning to consider “maddening”, officials believe it is necessary to “announce that there will be announcements”. Given the background, the announcements announced to restore calm to a currency market that has acquired a dynamic logic, given the number of pesos in circulation and the reluctance of the Central Bank to raise interest rates a lot.
It is understandable that the government is trying to do something take part in the dollars that foreign tourists are spending. Visitors are well aware of the exchange gap and the inconvenience of using a credit card, because in that case, their expenses will be charged at the official exchange rate.
Why pay for a luscious world-class barbecue with high-end dessert wine, coffee, and a glass of lemoncello for $ 50 apiece if paying in cash is $ 20? In fact, there are international credit cards that offer the service of debiting the currency of each country and transforming the balance into pesos at the MEP exchange. There are also companies that advertise in windows how many pesos they take dollars from tourists. With a gap, no one wants to go through the government bureaucracy or the formal financial system.
In the yarrow cake of currency regulationsThe Central Bank invented some time ago the special account for foreign tourists, in which the gap would be recognized, giving them the opportunity to deposit dollars and convert them into pesos at the MEP exchange. A Chinese. There is no record of a single open account.
The government has shown that it has no qualms about continuing to tighten the trap. He showed it to the importers. Also to those who use the credit card for travel and purchases abroad. Now we start talking about limiting stock market operations that allow you to legally earn unlimited dollars. Every small step the government takes in the restrictions, a few more weights increase the alternative dollars.
It would be a surprise if the upcoming announcements didn’t have the same effect.
Gustavo Bazzan
Source: Clarin
