The informal exchange rate, popularly known as the “blue dollar,” jumped by AR$10 on Tuesday and reached a record high value of AR$560 to the dollar. Agricultural exporters liquidated US$144 million with the new AR$340 preferential exchange rate, the “agricultural dollar” implemented by the government. Low international reserves and IMF tensionsLast Monday, amid tough negotiations with the IMF and a sharp drop in international reserves, the Argentine government implemented new taxes for imports of goods and services. The administration also granted a higher exchange rate — AR$340, against the AR$276.1 official “A3500” exchange rate — for some agricultural exports. After the payment, net international reserves are calculated at negative US$10 billion.

Source: Bueno Aires Herald August 01, 2023 23:21 UTC