07/23/2020 - 10:00
The recent escalation of the blue dollar - this Wednesday reached $ 133 , a rise of 5 pesos in a week - gives new air to a strategy that had become popular at the beginning of the quarantine: "puré" in the informal exchange market for bag more pesos. This allows the $ 10,000 Emergency Family Income (IFE) bonus to be increased to $ 16,000.
The widening of the exchange gap adds incentives to the "puré" strategy: buy foreign currency in the official market at $ 98 (the official exchange rate plus the 30% PAIS tax) using the US $ 200 quota and sell it for the blue at $ 128, the price of the buying tip. Thus, $ 19,600 is allocated to the first step and $ 25,600 is obtained in the second. A "profit" of $ 6,000.
In the case of IFE beneficiaries, "mashing" requires several steps. With the $ 10,000, they can buy $ 100 at a price of $ 98 and sell it in the blue for $ 128 to transform it into $ 12,800. Of that amount, $ 9,800 is deposited to buy the other US $ 100 until the monthly quota is completed. With the sale of those US $ 100 in the blue, another $ 3,000 is obtained. In this way, the original $ 10,000 becomes $ 16,000.
In order to carry out this strategy, IFE beneficiaries must have a savings bank in dollars, which would allow them to make the purchase of foreign currency digitally and then withdraw them through the window or through the ATMs that operate with these banknotes. green. But not all 9 million IFE holders have this type of account. The other option is to buy the dollars through the window, but in this case the quota is reduced to US $ 100 a month.
Neither ANSES nor the Central Bank have data on how many IFE beneficiaries have savings banks . In the last two months, the bankarization of bondholders increased: about 3 million free accounts were opened to collect the $ 10,000. But not all banks also enable savings banks in dollars.
Still, the number of people using this strategy to stretch IFE's performance is significant. To such an extent that a week ago the Central Bank was analyzing a resolution to prevent the benefits of this bond from accessing the official exchange market. This limitation exists for those who receive other government aid, such as zero-rate loans for monotributistas.
Finally, the Central Bank decided to allow IFE holders to continue accessing the exchange market. Thus, the next time the puree strategy is used, it will be from August 10, when the third round of the bonus begins to be paid .
Of course, IFE beneficiaries are not the only ones to puree. The practice is also available to all people who have bank accounts in dollars or go to the bank windows to use their monthly quota. That is why the currency purchase operation increases month by month.In June - the last known data - US $ 653 million were sold in the official retail market, 22% more than May. That number is expected to grow in July. The escalation of the blue made the mash even more appetizing.