The government moved the official exchange rate on Wednesday for the first time since August 13, when the value was fixed at AR$350 with a 22% currency devaluation. The decisions mean that the currency will depreciate by 3% monthly as of Wednesday, starting at AR$353 (three pesos more than on Tuesday). In its latest Market Expectations Survey (REM, by its Spanish initials) the Central Bank said that consultants expect the official exchange rate to be at AR$526.4 in December — much more than the monthly 3% promised by the government. When markets closed on Wednesday, the blue-chip swap rate had fallen slightly to AR$876 (-0.3%) and the MEP dollar rose by 2.6% to AR$870. According to the Ecolatina consulting firm, the average exchange rate gap is still slightly above 150%.
Source: Bueno Aires Herald November 15, 2023 22:34 UTC