Argentina's Currency Black Market
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Argentina's Currency Black Market
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Re: Argentina's Currency Black Market
#2Venezuela, Iran and Egypt also have massive currency Black Markets due to similar troubling economic and political undercurrents. Some of Argentina's figures are very surprising!
Re: Argentina's Currency Black Market
#3Venezuela's official rate has been about 1/5 of the black market rate for many years. I remember my wife shooing me into a corner at the airport while she traded dollars for bolivares with the security guards.
The differential has caused all kinds of effects. Plane tickets are hard to come by because so many people take advantage of the spread by flying somewhere, buying goods at official, returning for cash then trading at black market. An investment of as little as 500 usd pays for the trip and then some. Officially this does not exist but searching for mercado lechuga (lettuce market) shows a thriving ecosystem.
Re: Argentina's Currency Black Market
#4Venezuela's official rate has been about 1/5 of the black market rate for many years. I remember my wife shooing me into a corner at the airport while she traded dollars for bolivares with the security guards. The differential has caused all kinds of effects. Plane tickets are hard to come by because so many people take advantage of the spread by flying somewhere, buying goods at official, returning for cash then tra…
I took a trip there in 2011 and 1/5 sounds a little off for what tourists could get. Officially at the time $1 would get about 4.5 bolivars. Unofficially, we could get around 7-9 bolivars per $1.
We were pissed because we didn't know about the exchange rate issues or the ATM restrictions. We ended up going to a bank every day to withdraw the max on 3 different cards. Probably would have saved about $60/day if we had simply brought a bunch of cash with us.
Re: Argentina's Currency Black Market
#5I've been living in Buenos Aires for over 4 years now. The secret for infinite money basically is selling Bitcoins to USD and then selling the USD to Ar$ Pesos.
Right now 1 USD = 10.10 Ar Pesos.
Here are some references:
1 Bus ticket from 1.50 to 3 Pesos.
1 Bic Mac about 45 pesos.
1 Coca Cola 8 or 9 pesos.
1 Dinner in a medium to fancy restaurant 150 pesos (200+ if you drink wine).
If any hacker is in town, let me know.
Re: Argentina's Currency Black Market
#6Venezuela's official rate has been about 1/5 of the black market rate for many years. I remember my wife shooing me into a corner at the airport while she traded dollars for bolivares with the security guards. The differential has caused all kinds of effects. Plane tickets are hard to come by because so many people take advantage of the spread by flying somewhere, buying goods at official, returning for cash then tra…
I took a trip there in 2011 and 1/5 sounds a little off for what tourists could get. Officially at the time $1 would get about 4.5 bolivars. Unofficially, we could get around 7-9 bolivars per $1. We were pissed because we didn't know about the exchange rate issues or the ATM restrictions. We ended up going to a bank every day to withdraw the max on 3 different cards. Probably would have saved about $60/day if we had…
You don't know the right people. :) Cash on the street is the way to go but unless you can navigate la vivesa criolla you'll get robbed. I was shooed into the corner because a gringo lookin guy would have killed the deal.
Re: Argentina's Currency Black Market
#7Why would you trust a government that rigs their inflation figures in such a drastic way that their economists simply refuse to sign for it? If you want people to trust your currency you shouldn't treat them as fools and get the inflation back to more sane levels of 10% or less.
Re: Argentina's Currency Black Market
#8I'm wondering about some of these citations:
--SNIP--
According to the latest figures, Argentina's Central bank is losing US$ 47.5 million each day from their international reserves. This is the same as US$ 8 million every hour.
-- SNIP --
Re: Argentina's Currency Black Market
#9I work for a company that does casino/gaming equipment, we recently had to upgrade a cruise-liner that allowed to use onboard credit on the casino floor.
Apparently the biggest concern for the staff working on the casino floor was the Argentinean problem. The would take the biggest credit that they could get (this would create net account liquidity problems for the casino department etc).
I wanted to look up what the deal was and forgot until this article.
Re: Argentina's Currency Black Market
#10I've been living in Buenos Aires for over 4 years now. The secret for infinite money basically is selling Bitcoins to USD and then selling the USD to Ar$ Pesos. Right now 1 USD = 10.10 Ar Pesos. Here are some references: 1 Bus ticket from 1.50 to 3 Pesos. 1 Bic Mac about 45 pesos. 1 Coca Cola 8 or 9 pesos. 1 Dinner in a medium to fancy restaurant 150 pesos (200+ if you drink wine). If any hacker is in town, let me kn…
> The secret for infinite money basically is selling Bitcoins to USD and then selling the USD to Ar$ Pesos.
Bitcoins are free?