The informal or “blue” dollar has skyrocketed to a record-breaking AR$359, its highest nominal value ever recorded. The Economy Ministry believes the leap is being driven by demand from small savers buying greenbacks in preparation for the upcoming tax amnesty, as well as seasonal demand. Moreover, this week’s hike wasn’t caused by a political or an economical crisis, but rather seasonal fluctuations and the upcoming tax agreement with the US. To further illustrate this point, the sources add that the informal dollar also rose during August’s “construction amnesty law”, which created a framework to encourage tax evaders to invest in housing. For now, this variation is only reflected in the informal dollar, not the financial exchange rates.
Source: Bueno Aires Herald December 28, 2022 23:30 UTC