How Much Is 700 Pesos In Dollars

How Much Is 700 Pesos In Dollars – In this file photo taken on Oct. 17, 2022, the one thousand peso Argentine bill sits on top of most US one hundred dollar bills. /Agustin Markarian/Example

BUENOS AIRES, Oct 19 () – Jose Zegara, a Peruvian tourist in Argentina’s capital Buenos Aires, has found out the hard way that the value of the country’s peso is not always what it seems, due to strict capital controls. making many changes more flexible. .

How Much Is 700 Pesos In Dollars

When he paid for his food with a credit card, charging about 150 government pesos to US dollars, he found that his dollar was twice as much as pesos at one of the local exchange offices. good at what locals call “blue” changes. rates.

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The South American country imposed deregulation in 2019 to protect its faltering currency, limiting access to the dollar and fueling an increase in illegal currency markets where the peso is valued well below the official exchange rate.

In recent months, the government has introduced various foreign exchange fees, leading to a high increase in rates ranging from the rate of travel to the so-called “Qatar” World Cup to the so-called ” Netflix” for foreign services such as streaming.

Similar increases in income have gained momentum in recent weeks, becoming the target of internet memes, one of which called the “tootie-frooti” set. But it also highlights the serious risks the government faces to protect the dwindling dollar reserves needed to pay the debt.

The investment bank Morgan Stanley estimated in a September report that the central bank’s water reserves fell to $3.5 billion negative, something the government wants to change by selling corn quickly.

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Governments and central banks argue that controls are necessary to protect foreign reserves and stabilize the economy. He wants to avoid a sharp decline, although this year the peso is slowly losing about 50% against the dollar.

“It is clear that the central bank has a responsibility to maintain its reserves and therefore it is making every effort to do so,” a senior central bank official said on condition of anonymity, adding that similar rates are only the market drives “supply”. and choosing.”

Argentines do not have long-term confidence in their own currency, preferring to save dollars to protect themselves from inflation – approaching 100% this year – and deflation. The sudden tightening of capital controls earlier has also made investors cautious.

The economic crisis in recent years, including debt defaults and major deals with the International Monetary Fund (IMF), has put more pressure on cash and reserves.

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Eduardo Mahler, 37, a freelancer in Buenos Aires, said, “All these different exchange rates show political hopelessness in the dollar.”

The government closed access to the dollar and increased spending, especially on foreign travel and luxury goods. It created a temporary “soy” dollar in September to boost soybean exports by giving producers more pesos for selling their dollars.

Some of them appear again organically: called “Coldplay” dollars to pay the star game or music artists in the country. At the end of this month, the British band will play ten concerts. The Netflix dollar, meanwhile, refers to the various tax rates promoted on foreign streaming services.

This month, the government added a 25% tax on monthly spending of more than $300 on foreign travel, foreign currency and luxury goods on top of the existing 45% rate and 30% tax. The move ahead of next month’s FIFA World Cup has led to it being dubbed the “Qatar” coach.

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Federico Rossi, the owner of the city’s travel agency, said: “Of course, this has made travel more expensive in the city’s budget,” adding that some people will have to forgo travel in that’s why.

Aldo Abram, executive director of the consultancy Fundación Libertad y Progreso, said that the measures to keep the peso “cheap” are not sustainable and will lead to higher prices.

“We know the cost of introducing these controls over time: it always ends up in big problems,” he said.

Pedro Cristina’s grandfather from Buenos Aires was stoic. He blamed persistently high debt levels for decades for putting the current centre-left government in a precarious position.

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“The government is looking at many ways to solve the problem, some good, some bad,” he said. “All I know is that I don’t want to try to control now.”

Statement by Lucille Segal; More information Jorge Otaolo and Walter Bianca; Editing by Nicolas Miskulin, Adam Jourdan and Deepa Babington

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