Good Aires: Parallel Dollar Continues Rise
2024-08-12 12:08:00
The parallel dollar in Argentina continued its ascent on Thursday, July 11, climbing by 15 pesos (1%) to reach a new record high of 1,465 pesos per unit. This marks the third consecutive day of gains for the unofficial currency.
Throughout July, the “blue dollar” has surged by 100 pesos (7%), adding to the woes of Argentines grappling with inflation.
The widening gap between the parallel dollar and the official exchange rate offered by the Central Bank of the Argentine Republic (BCRA) is further widening. The difference currently stands at 59% compared to the “wholesale” dollar used for foreign trade, and 53% in relation to the “retail” dollar available to the public.
The parallel dollar’s rise extends to other segments as well. The “financial dollar,” derived from stock market transactions, also closed higher.
The “Electronic Payment Market” (MEP) segment ended the day at 1,398 pesos per unit, while the “Cash Settlement” (CCL) segment closed at 1,413 pesos per unit.
In response to the parallel dollar’s surge, the Argentine government has ruled out an devaluation of the official exchange rate and emphasized its commitment to maintaining stability. The BCRA follows a policy of gradually devaluing the official dollar by 2% per month.