“Blue” dollar in Argentina picks up in last day of trading and reaches 8.95 Pesos

18th Saturday, May 2013 - 03:35 UTC Full article

Very few transactions amid fears of the AFIP tax agency controls

In the last business day of the week in Buenos Aires, the parallel market or ‘blue’ dollar rose to 8.95 Pesos (selling price) after its declining tendency during the week, while the official rate ended steady at exchange houses at 5.245 Pesos (selling price). The gap between the two markets stands at over 70%.

Currency brokers said few transactions were registered amid fears of AFIP tax agency controls.

The ‘blue’ dollar in Argentina reached a historic record of 10.45 Pesos last 8 May, but has since yielded 13.5%, nevertheless accumulating a 33.24% increase since the beginning of the year.

The Argentine central bank so far this year has purchased 650 million dollars while its international reserves have lost 4.34 billion dollars since December 2012.

As a consequence international reserves broke the 39bn barrier and now stand at 38.95bn, which is the bank’s lowest level since 4 May 2007, when they stood at 38,84bn dollars.

Meanwhile it was revealed that government and private banks lost 96 million dollars in deposits in the 6 to 10 May week, at an average of 19.2m per day.

