The price of the dollar in Argentina today broke the 1,000 peso barrier and will continue to increase. In response, Argentina unifies three types of exchange rates to face the crisis .
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Leer en español: Dólar en Argentina: Unificación de tres tipos de cambios tras nuevo récord del precio del dólar
Argentina unified this Tuesday three of its multiple quotes of the US dollar, in the midst of the exchange rate escalation with the value of the dollar in the informal market reaching a record of 1,050 pesos per unit and a gap greater than 180% with respect to the official exchange rate.
Through a resolution published in the Official Gazette, the Federal Administration of Public Revenues (AFIP) established changes in the conditions for accessing dollars through bank cards, purchases abroad (Qatar dollar) and for personal savings.
In this sense, the contributions increased the surcharges from 5% to 25%, and in the case of the Qatar dollar the maximum quota of 300 dollars per month was removed, while in the case of the savings dollar a surcharge of 100% was increased. which brings the three quotes to 731 pesos per unit.
This arises from the sum of the Country Tax (30%) together with the Income Tax (45%) and Personal Property Tax (25%), which began to apply today for the three quotes in the US currency.
"With the objective of sustaining the redistributive impulse of fiscal policy, reasons of tax administration and equity make it advisable to modify the general resolution, unifying the collection rates," indicated the official document.
These exchange rate modifications, added to the instability of Argentina, caused the informal dollar, to which savers turn due to restrictions on collecting foreign currency in the official market, to increase 105 pesos or 11.1%, up to 1,050 pesos under a new exchange rate gap mark of 187%, compared to the official one.
What does this new dollar consist of and why?
The new provisions hope to prepare the economic ground to launch a new exchange rate that benefits both exports from the automotive, mining and fishing sectors as well as small and medium-sized businesses (SMEs).
The income of foreign currency through this 'SME dollar', announced by the Minister of Economy and official candidate for the Presidency of Argentina, Sergio Massa, will have 75% of import settlements at the cost of the official dollar and 25% through of the so-called cash settlement (CCL) financial market.
The CCL consists of buying shares or bonds locally with Argentine pesos and selling them in dollars on Wall Street, which is currently listed at 921.81 pesos for sale.
The purpose is for more than 9,000 companies to have access to this benefit to be able to repeat or surpass the sale of inventories abroad, which last year reached a total of 13.5 billion dollars, and to encourage the collection of dollars.