“I am not surprised that (Minister Carolina) Stanley says that this is extortion, I take that as another sign that he has no answers. We are already thinking of another camp, of 72 hours. The law is for more food, which is not bad, but what we want is for social plans to be reopened because there is no work ”.
The Central Bank published this Wednesday at the last minute a new regulation to discourage the curler. It was the hottest investment in the city in the last two weeks. Retail savers who buy foreign currency on the official market must wait five business days to be able to trade bonds and take advantage of the implicit price of the stock dollar. The client who buys foreign currency must sign an affidavit committing not to acquire securities for one week. The measure impacts on smaller savers.
Lacunza’s budget for 2020 | He foresees a dollar of 67 pesos and an inflation of 34 percent
“The ability of Argentine investors to dollarize is unmatched. Less than ten business days passed since the application of exchange controls and three exchange rates began to operate in the market ”. This is what one of the top consultants in the city told this newspaper. The official dollar stood at 58 pesos this Wednesday. The exchange rate of the stock market in 63 and the dollar to escape foreign currency abroad in 69. This last quote is known as cash with liquid. The difference with the official exchange rate is 11 pesos (20 percent) and is an element that is beginning to generate concern.
Retail investors so far took advantage of the unchecked roll. The Central did not suspend the operation but limited the capacity to do it. Savers will have to wait five days each time they make the investment and for smaller investors it is difficult to reach the monthly currency purchase quota of $ 10,000. Individuals with the greatest savings capacity (the equivalent of $ 2,500 available) will continue to get the full benefit of the roller.
The operation is simple to perform and can leave a return of up to $ 600 in a few minutes. The mechanics of this inversion have four steps. An example:
1) The saver with 2,610 pesos buys 45 dollars at the official exchange rate (58 pesos).
3) Give the immediate sale order of that title in pesos (for each bond you receive 2840 pesos).
In this example, the retail investor goes from $ 45 to $ 49 in a few minutes (about 8 percent gross profit). AND