Annabella Quiroga
07/13/2020 - 8:01
- Clarín.com
- Economy
- Economy
The " cheap dollar " in June pushed Argentines spending on credit cards. Last month consumption in that currency rose 42.7% compared to May, according to data from the consultancy First Capital Group.
The exchange gap between the official dollar and the alternative dollars became an incentive for those who have the rest to jump into buying imported products.
With a gap that reached 80%, the official dollar began to seem cheap, even with the 30% surcharge. Last week it closed at $ 97 in the average of the banks, against the blue dollar at $ 127. For its part, the cash settlement is achieved at $ 110 and thedollar bag, at $ 109.
Another factor that drives consumption in dollars is that in Argentina imported products, especially those sold on direct purchase pages to users, tend to become more expensive at the rate of alternative dollars . This is particularly the case with articles related to technology. It is also there that teleworking and distance education boosted demand in a market with little supply. Thus, in the case of notebooks they became more expensive up to 70% with respect to the beginning of the quarantine.
"Some post-pandemic travel offers and the need to incorporate technology for remote work may be the explanation for the reactivation of the use of the line in foreign currency," explained Guillermo Barbero, partner at First Capital.
In the interannual comparison the results are different. Against June of last year, consumption in dollars fell by 62.4% . The impossibility of traveling abroad reduced spending opportunities and that is why this collapse is so overwhelming.
In the first six months of the year, the balance of credit cards in dollars fell 52.8%, although it accumulated an increase of 12% in the last three months.
Regarding total operations, "consumption with credit cards grew again in June, driven by its flexibility, the decrease in financial costs and the validity of the Ahora 12 program," according to the consultancy.
Card operations recorded a balance of $ 640.93 billion last month , an increase of 8.3% compared to May. The interannual growth reached 59.6% and accelerated with respect to the previous month; and in the semester the rise was 11.9%, with a cumulative rise of 7.3% in the second quarter.
Thus, the use of cards grows above inflation , which has accumulated a 44% increase in the last twelve months.
"This line has turned out to be the one chosen by families to finance consumption needs, mainly due to its flexibility and the decrease in financial costs that the monetary authority ordered," said Barbero. "In addition, the validity of the Ahora 12 programs keep the stock growing."
