Thread: Exchanging Currency

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  1. #228

    Exchange

    So after 3 years daddys coming back. I checked the rate today online and saw it's at 4. 4 or so to the dollar. Daddy's wondering what the cambios are actually giving. Also is the arbolito flaco with the 70's porn stash still standing on the corner of Florida and Lavalle endlessly chanting "cambio, cambio, cambio?"

  2. #227

    I am looking to exchange USD or argie pesos for Colombian pesos

    Thought someone might have some Colombian pesos laying gathering dust.

    Please excuse if this is in wrong heading.

    Thanks

  3. #226

    Cool Re: Hyperinflation in Argentina

    Please read the full Bloomberg News article in the link below:

    http://www.bloomberg.com/news/2011-0...eads-boom.html

  4. #225

    What?

    Quote Originally Posted by Argento  [View Original Post]
    Well "Knowledge Guts", (he who knows all and spruiks all). This time you are provably incorrect. At the "corralito" 2002, the exchange after a few bumps settled at about 3. 12. It has depreciated against the U$ at less than 5% per annum using a controlled devaluation. Given that it is 9 years after the initial panic, the math is very simple. Seems to have blown out a bit since Christmas as the inevitable multipliers of compounded inflation take hold. Still a long, long way to go before the bell rings.

    Argento
    I have no idea what you are trying to say. I assume your jab at me was intended to spur me into sharing more of my hard-earned brilliance with you and my fellows here in the AP clubroom. As always, I am delighted to share my thoughts and opinions with you and anyone else, it helps me to further amortize the life long investment I have made in the quest for knowledge.

    Rastaman's question included the term hyperinflation, the definition of which seems to have escaped him. I imagine that it was through pure happenstance that he happened to include the concepts of exchange rates and inflation rates in the same post, which happen to be interconnected via relative interest rates.

    I was merely pointing out that neither the conditions nor the precursors for hyperinflation are present in Argentina today nor has there been a recent, cataclysmic FOREX devaluation.

    But since you asked, please allow me to add some additional detail on a fascinating subject that is near and dear to my heart and that is one of sublime importance not only to sovereignty and national security but to the perpetuation of our individual existences.

    The definition of hyperinflation is a loose one and ranges from 26% compounded per annum over three years (or in other terms nearly 100%) to more than 50% per month. While a precipitous fall in one country's exchange rate versus a bell-weather currency (I. E. A foreign currency that through such period retains its relative purchasing power for a specific basket of goods and services) could be an the result of, and an indicator of, the presence of high inflation or hyperinflation within the economy, it isn't the root cause of either. While not exclusively caused by loose monetary policy, hyperinflation cannot exist with out increasing money supply. As I think I explained in an earlier post on the subject of quantitative easing by the US Federal Reserve Bank, printing money doesn't increase the amount of wealth in the economy, it redistributes it. Milton Friedman said it better: 'Inflation is a monetary phenomenon, But hyperinflation is always and everywhere a political phenomenon, in the sense that it cannot occur without a fundamental malfunction of a country's political economy. '

    While the conditions aren't currently present in Argentina, persistent, episodic hyperinflation in Argentina, from 1983 through 1992, was a horribly destructive force that caused real damage to nearly every Argentine citizen and everyone who help cash or assets denominated in Argentine currency. The political decision to print money to cover government budget deficits resulted in devaluing the peso to nearly 100 billionth of its previous value. I can recall, long before I ever set foot in Argentina, reading stories about this hyperinflation in Argentina and that shop keepers would not put prices on the products in order to facilitate the need to change the prices of their goods multiple times per day. In some cases, prices could increase as much as 30% over the course of a few hours. At the end of the 19th century, Argentina was the 7th wealthiest nation and maintained much of its wealth into the post-WWII era, currently Argentina ranks 30th in GDP and 80th in the world on a GDP per capita basis.

    Next to Russia, Argentina is the largest hoarder of US dollars and while the local economy is not officially dollarized, the net result is that for all practical intent and purpose Argentina's inflation 'tare' weight (the weight of the container which is subtracted out of the cost when purchasing the contents) is the US inflation rate. If the US devalues its currency by printing money and quantitative easing or experiences high inflation due to other causes, it will pass those problems on to all of the nations dependent upon the dollar, including Argentina. Therefore, a weaker dollar, means a weaker peso, provided, however, that other variables such as sovereign risk and global flight to quality will likely cause the dollarized and nearly-dollarized currencies to lose value versus the dollar, even though it maybe the US economy that is at the root of the problem.

    Hyperinflation is caused by gutless, despotic politicians and is morally reprehensible. It destroys people and nations. It could destroy the US, if we let it. It my opinion, politicians responsible for causing hyperinflation should be treated as criminals, prosecuted and incarcerated.

    I posit the following, were it not for hyperinflation and the destruction of wealth by Argentine politicians over a long period of time, Argentina would not be the monger paradise that it is today.

  5. #224
    Quote Originally Posted by Wild Walleye  [View Original Post]
    On your first point, the is no hyperinflation in Argentina at the moment. Not sure where you got your info but just throw together a graph correlating the inflation rate (govt or actual) and the exchange rate. While the peso / dollar rate has slipped from about 3:1 to 4:1, over the past four years, the slide has been gradual. Further, the relative value of the two currencies is primarily determined by relative govt interest rates, adjusted for inflation disparities and a few other esoteric variables.

    To your second point, unless you are looking to exchange large amounts currency, off the books, you have no need for black market transactions. Further, I wouldn't show to a large denomination, off-the-books exchange without bringing my friends, Sig and Sauer. I'd also be wearing my Kevlar Second Chance long johns that day, regardless of the weather.

    The point here at AP is to consume vast amounts of great poontang, parilla and Malbec, while learning about the Constitution, US history and global politics (WW's online graduate program). Adding unnecessary wrinkles that could put you into an unfamiliar arena and possibly harms way are things better left for your fantasies rather than your realities. If a newbie (not saying that you are one) to Bs As could find his way into an off-book currency exchange, I suspect that the rate would be worse than one can get at the Banelco. These guys aren't in the business of providing tourists with better exchange rates for their Amex travelers checks, they are in business to facilitate exchanges that are difficult or impossible to effectuate through normal channels.
    Well "Knowledge Guts", (he who knows all and spruiks all). This time you are provably incorrect. At the "corralito" 2002, the exchange after a few bumps settled at about 3. 12. It has depreciated against the U$ at less than 5% per annum using a controlled devaluation. Given that it is 9 years after the initial panic, the math is very simple. Seems to have blown out a bit since Christmas as the inevitable multipliers of compounded inflation take hold. Still a long, long way to go before the bell rings.

    Argento

  6. #223

    Black Market

    It is not much a black market.

    There are people on Calle Florida and Av. Corrientes that will give maybe a peso or two different.

    It is not worth the time.

    It is also possible to receive counterfeit pesos that way.

    Quote Originally Posted by Rastaman  [View Original Post]
    Since Argentina is experiencing hyper-inflation currently. Has anyone changed currency on the Black market? How many A$ = US$1? Where's the best spots for Black market exchanges?

  7. #222

    Exchange rates

    I got $4. 16 yesterday in Moreno from a hole in the wall "casa de cambio". The rate for changing less then a thousand dollars was $4. 12. The local bank is paying $4. 04 if you want to standing in line for a hour or two.

  8. #221

    Seaman is correct

    On your first point, the is no hyperinflation in Argentina at the moment. Not sure where you got your info but just throw together a graph correlating the inflation rate (govt or actual) and the exchange rate. While the peso / dollar rate has slipped from about 3:1 to 4:1, over the past four years, the slide has been gradual. Further, the relative value of the two currencies is primarily determined by relative govt interest rates, adjusted for inflation disparities and a few other esoteric variables.

    To your second point, unless you are looking to exchange large amounts currency, off the books, you have no need for black market transactions. Further, I wouldn't show to a large denomination, off-the-books exchange without bringing my friends, Sig and Sauer. I'd also be wearing my Kevlar Second Chance long johns that day, regardless of the weather.

    The point here at AP is to consume vast amounts of great poontang, parilla and Malbec, while learning about the Constitution, US history and global politics (WW's online graduate program). Adding unnecessary wrinkles that could put you into an unfamiliar arena and possibly harms way are things better left for your fantasies rather than your realities. If a newbie (not saying that you are one) to Bs As could find his way into an off-book currency exchange, I suspect that the rate would be worse than one can get at the Banelco. These guys aren't in the business of providing tourists with better exchange rates for their Amex travelers checks, they are in business to facilitate exchanges that are difficult or impossible to effectuate through normal channels.

  9. #220

    Question

    Quote Originally Posted by Rastaman  [View Original Post]
    Since Argentina is experiencing hyper-inflation currently. Has anyone changed currency on the Black market? How many A$ = US$1? Where's the best spots for Black market exchanges?
    Hyper inflation? Do you know what that means? There is no hyper-inflation At the moment!

    You will get AR$4:U$D1 today, tomorrow, and most likely next month too. In a hyper-inflation situation you will get a different exchange rate by the hour!

  10. #219

    Question Exchanging currency on the Black Market

    Since Argentina is experiencing hyper-inflation currently. Has anyone changed currency on the Black market? How many A$ = US$1? Where's the best spots for Black market exchanges?

  11. #218

    Special deal available

    Mongers-

    I am willing to buy dollars at a rate of 4. 10 AR / 1 USD if anyone is looking to obtain some pesos. PM if interested.

    Suerte,

    RH

  12. #217

    Exchanging money

    Change the minimum amount necessary on Sunday (and Saturday) as rate is less favourable than on weekdays when exchange houses such as Metropolis compete with banks.

    [QUOTE=Gandolf50; 416364]

    Quote Originally Posted by Jake 277  [View Original Post]
    OK, Thanks for all the great info.

    I will try and get to Banco be la Nacion in the airport. I am assuming that it is outside baggage claim?

    Besides ATM's (Need to get a pin for my CC) are there any places open in BA on Sunday?

    My work schedule during the week get's me back about 7pm. I am assuming that all banks are closed?

    Thanks.

    (Quote)

    There is a place on the corner of Maipu and Tucaman one block west of calle Florida. Its a travel agency and exchange house.

  13. #216
    [QUOTE=Jake 277; 416363]OK, Thanks for all the great info.

    I will try and get to Banco be la Nacion in the airport. I am assuming that it is outside baggage claim?

    Besides ATM's (Need to get a pin for my CC) are there any places open in BA on Sunday?

    My work schedule during the week get's me back about 7pm. I am assuming that all banks are closed?

    Thanks.

    (Quote)

    There is a place on the corner of Maipu and Tucaman one block west of calle Florida. Its a travel agency and exchange house.

  14. #215

    Sunday and No Pesos?

    OK, Thanks for all the great info.

    I will try and get to Banco be la Nacion in the airport. I am assuming that it is outside baggage claim?

    Besides ATM's (Need to get a pin for my CC) are there any places open in BA on Sunday?

    My work schedule during the week get's me back about 7pm. I am assuming that all banks are closed?

    Thanks,

    -Jake 277

  15. #214
    There's a RapiPago or PagoFacil place in Pueyrredon / Guido and Libertador, opposite to BADesign, and right in front of Checkers (which is an awful place BTW). They have excellent rates and you don't have to fill any documents or present an I'd.

    I've been using it for years.

    I guess that's my contribution, now if someone would please help me find Mary.

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