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Argentina's 'Dolar Blue' Records 45-Peso Drop Amidst Milei Inauguration

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BNN Correspondents
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Argentina's 'Dolar Blue' Records 45-Peso Drop Amidst Milei Inauguration

In Argentina, the 'dolar blue,' an informal denomination of the U.S. currency, was quoted at 860 pesos for buying and 910 pesos for selling on Tuesday, December 5. This fluctuation came amidst the inauguration of Javier Milei. The informal dollar recorded a drop of 45 pesos over the week, closing at 910 pesos, and has decreased on seven of the last eight days. The gap between the 'dolar blue' and the official exchange rate stands at 150.6%.

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(Read Also: Argentina’s President-Elect Javier Milei Prepares for Tenure Amid Challenges)

Other Exchange Rates and their Impact

Additionally, it was reported that the wholesale dollar rose by 65 cents to 363.10 pesos, following the government's resumption of the crawling peg system on November 15. This system involves daily micro-devaluations of the official exchange rate. Other exchange rates, such as the dollar MEP and the dollar CCL (Contado con Liquidacion), were also quoted at 915.83 pesos and 904.52 pesos respectively, with their corresponding gaps.

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The tourist dollar and the savings dollar, which include additional taxes, went up to 971.55 pesos after a tax increase on these exchanges. The crypto dollar or Bitcoin dollar was quoted at 934.91 pesos according to Bitso.

(Read Also: Argentina Tramples Malaysia in Junior Hockey World Cup, Eyes Set on Quarterfinals)

Central Bank Sells $24 Million to Address Genuine Supply Shortfall

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In a wholesale session with businesses totaling USD 196.3 million in the spot segment, the Central Bank intervened with sales amounting to USD 24 million to cover the genuine supply shortfall. This marks the fourth consecutive day of official sales in the market.

Gustavo Quintana, an operator at PR Corredores de Cambio, specified that financial institutions sought USD 64 million from the Central Bank in cash to address liquidity needs. In the first three days of the month, the Central Bank has accumulated sales of USD 216 million, nearing the total from its intervention in the currency exchange market in the previous October.

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