Argentina's official currency is the peso, but the eye is always on the US dollar.
Argentina must take care of the reserves of the Central Bank, that is, the funds that the country has in foreign currency.
But, in addition, the exchange rate is used as a thermometer to know the health of the local economy and numerous crises have engraved in the collective memory that any sudden depreciation of the peso is a symptom that things are not going well and may go in a short time. much worse weather.
The Government of Alberto Fernández officially maintains the local currency at a relatively high value – one dollar is exchanged this Wednesday for 157 pesos – but has put so many obstacles in place to buy US currency at that price that achieving it is almost an illusion.
The strategy of the economic team commanded by Sergio Massa is to devalue by sectors.
After approving in September a 'soy dollar' at 200 pesos that injected almost 5,000 dollars into reserves and launching a 'tech dollar' last week that benefits the knowledge industry, this Thursday two new differential exchange rates begin to govern : those named 'Qatar dollar' and 'Coldplay dollar'.
The first of them, which takes its name from the World Cup venue that will be held at the end of November, hits the pockets of Argentines who want to go on tourism outside of Argentina.
Those who spend more than 300 dollars a month with a credit and debit card abroad will have to pay more taxes than those already applied.
The exchange rate for the tourist dollar was 257 pesos per dollar and now it is 314 pesos.
With this measure, the Government seeks to discourage travel and purchases abroad to reduce the more than 500 million dollars per month that it loses through outgoing tourism and reduce the deficit in the foreign exchange balance.
According to official data, in the first eight months of 2022, outbound tourism was the service sector that spent the most dollars, 4,911 million.
In contrast, foreign exchange income from receptive tourism was only 282 million in that period.
most expensive concerts
The 'Coldplay dollar', named after the ten concerts that the British band will offer in Argentina in the coming weeks, makes hiring artists abroad more expensive with a dollar price of 204 pesos.
The decision will increase admissions to shows and festivals with international bands.
For example, the 2023 Lollapalloza subscription plus the service charge amounts to 280 dollars (57,500 pesos), a price higher than that of a minimum wage (54,550 pesos).
Until the announced modification, the organizers of this type of event accessed the currencies at the official value, although with a term of 180 days, which already meant a certain devaluation given the slight but constant depreciation of the official peso and the rising inflation in the country, which is already close to 80% year-on-year.
Finally, the Government has also announced that luxury goods purchased abroad will be paid at one dollar to 300 pesos for an extra perception of 25% of personal goods that is added to other taxes such as the PAIS and 45% on account of Profits.
Light aircraft, recreational boats, precious stones, high-end watches and slot machines are some of the items included in the new levies.
With them, the Government seeks to reduce imports of those goods that are not necessary for production.
“We want to take care of the reserves.
Take care of the dollars for the investment and not the flight”, the head of the Argentine Social Security (AFIP), Carlos Castagneto, told the media.
With the new announcements, Argentina now has at least 14 differential exchange rates, each of them tied to different taxes and values.
"I already lost myself, I don't know how many types of dollar there are," said today the mayor of Buenos Aires, the opposition Horacio Rodríguez Larreta, in a statement that summarizes what many Argentines think this Wednesday.
Rodríguez Larreta accused the Fernández government of improvising and warned that “it is impossible for someone to invest in Argentina if you don't know if you have the Coldplay or Qatar dollar…”.
"I think we have to take action fast, show where we are going, draw a long-term vision," he added.
The economic team commanded by Sergio Massa seeks to inject as much oxygen as possible into the economy before next year's presidential elections.
However, the diagnosis is not optimistic in an international context marked by the stagnation of the world economy and widespread price increases.
The International Monetary Fund forecasts that Argentine GDP will grow 2% in 2023, half that of this year, and that inflation will remain around 60%, one of the highest in the world.
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