Tag Archives | peso

Buenos Aires News: Edition 1

Welcome to the first of a weekly series highlighting some of what I consider to be the more interesting news from Buenos Aires and Argentina.  I find many new things every week and often want to blog about them, but realize that I don’t always have the time to get to them.  Hopefully, with these posts, I can just give a quick summary and you can read the ones that interest you.

Maradona rubbed from Yahoo! web by Argentinian judge [The Register]
Following a judge’s temporary restraining order, all searches for Diego Maradona, Argentina’s most (in)famous soccer player, on Yahoo! Argentina have been blocked.  Argentine judges have issued more than 100 search site restraining orders over the past two years in an attempt to expunge allegedly inappropriate references to some of the country’s most recognizable names. Most of these have been lead by one attorney who is effectively censoring the Internet.

Argentine Fans Hijack Public Buses To Go To Match [Reuters UK]
How much do Argentines love their soccer?  Let’s just say that things often get a little crazy when soccer is involved and this latest story is no exception.  On November 13, in two separate incidents, fans of an Argentine second division soccer team hijacked two public buses and ordered the drivers to take them to their team’s game.

Spare Change? There’s None in Buenos Aires [Time]
Time has a good article covering the shortage of coins in Buenos Aires and the problems it’s causing across the city.  Many stores have “No Change” signs up, large grocery stores routinely round-off the total in their favor.  So acute was the coin shortage, one day last month, that the Metrovias subway company was forced to open its turnstiles and let passengers ride for free after it ran out of change. Interesting article…

Argentina vetoes glacier law that curbed mining [Reuters]
Argentina’s president has vetoed a law that would have protected the country’s glaciers by restricting mining and oil drilling. The law, which was passed by Congress last month, was vetoed by President Cristina Fernandez. She issued a decree stating that governors in Andean provinces feared the glacier law could threaten economic development in their regions.

Al Jazeera focuses on Latin America [The Miami Herald]
The Buenos Aires office of Al Jazerra’s English service is dedicated to reporting the news from Latin America in a different way.

Brazil, Argentina Agree to Increase Import Taxes [Bloomberg]
As if imported good were not expensive enough here, Bloomberg is reporting that import taxes will be raised on various products including wine, peaches, canned foods, textiles, pasta and wooden furniture, from outside the Mercosur trading bloc.

Fiscal Crisis Gives Argentines Familiar Sinking Feeling [New York Times]
A growing number of Argentines are stockpiling dollars amid worries that their government’s economic policies have doomed them to yet another financial crisis.

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Argentine Peso Drops to Lowest Level in 6 Years

We reported that the Argentine peso was expected to fall to $3.80 against the dollar, and it continues to head that way – even with the government spending nearly $1 billion today to prevent it. The peso fell to 3.44 per dollar at one point today before finally closing at 3.39 to the dollar. This is its lowest point since December 2002. Fears about the government’s new plan to takeover the private pension system are one of the primary factors driving this decline. Lots of financial updates below:

 – Argentine peso drops to lowest in nearly 6 years [Associated Press]
Argentine Peso Rebounds After Central Bank Offers $1 Billion [Bloomberg]
Argentina’s Banco Macro Tumbles to Lowest in 4 Years [Bloomberg]

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Argentine Peso May Slide to 3.8 per Dollar

Bloomberg is reporting that Argentina may ease its defense of the peso, and take a one time devaluation to $3.80 per dollar from $3.208 today. (It’s already slid 5 percent since August 1.) They had originally predicted that the government may simply let it fall through gradual depreciation, but the new measure may come up as a result of the current world financial crisis and depleting federal reserves.

While this may seem like a good thing for those of us with foreign currency, it would also most likely mean a continuing rise in inflation. Not good for any of us in Argentina.

Argentina May Devalue Peso 16 Percent, JPMorgan Says[Bloomberg]

UPDATE (10/24/08): The fall keeps happening as the government is unable to keep up, even with heavy dollar selling.

Argentine Peso Drops to Almost Six-Year Low Amid Global Turmoil [Bloomberg]

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Argentine Peso Dives to 5-1/2-yr Low

Reuters is reporting that the Argentine peso has shrunk to its lowest level against the dollar in 5 1/2 years.  The peso slid 2.39 percent to 3.315/3.320 per U.S. dollar, its lowest point since January 2003. The peso has slid 4.65% this year so far.

So, the American economy tanks and the dollar gets stronger. I don’t understand it, and this is exactly why I’m staying away from the stock and currency market.  I am however, going to the ATM to withdraw some cash and take advantage of this rate.

UPDATE (10/08/08): Just checked it out at the ATM and I got $3.1965 pesos to one U.S. dollar.

UPDATE: Figured I’d post some of the recent rates I’ve been getting. I still get the best rate from my Schwab ATM card.

Schwab:
3/16/09: $3.645
11/4/08: $3.378
10/27/08: $3.254
10/24/08: $3.239
10/12/08: $3.222
9/30/08: $3.117
8/8/08: $3.044

(sorry for the big gap, but the exchange rate is much better now!)

4/20/10: $3.863
5/3/10: $3.873 (daily rate: $3.8855)
5/17/10: $3.891 (daily rate: $3.8965)
7/6/10: $3.928(daily rate: $3.933)
7/19/10: $3.929 (daily rate: $3.9325)

American Express (charges 2.7% foreign transaction fee):
10/26/08: $3.178
10/13/08: $3.156
7/23/10: $3.829 (daily rate: $3.932)

Argentine peso sinks; stocks, bonds extend losses [Reuters]

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