Exchanging Currency

[Chezz]

Got 9.40 today on Arenales, changing only $200. At the rate this is going, I cannot see changing more than a couple of Bens at a time.

[TejanoLibre]

Don't forget about maple syrup!

I think I know where there is a bunch of Maple Syrup and Pancake Mix! The Real Stuff and likely to want to sell it.

Maybe 80 bags of mix!

Gallons of syrup.

TL.

[Gandolf50]

Two jars of Jiffy peanut butter will get you about anything you wish from these two guys. Throw in a pound or two of coffee and the world is yours.

Don't forget about maple syrup!

[HappyGoLucky]

9.35 today for $1000, ($100 bills).

[Damman]

Two jars of Jiffy peanut butter will get you about anything you wish from these two guys. Throw in a pound or two of coffee and the world is yours.

[TejanoLibre]

I'm not going to walk downtown and check out the houses everyday for nothing no time for that. I normally change money once or twice a week. I use one of two places depending on the amount. For small amounts when it's just my money I go to the chino in the galeria across from Acapulco Resto on Lavalle. If I have more than 500 bucks to change (I never change that much at one time myself due to the upward trend) I go to my guy on Florida across from Galaria Pacifico.

The chino gives me a better rate but I don't trust him as much, it's in a leather shop and anybody walking through the galaria can watch you check the money which I do, every bill, every time. The guy on Florida is usually .1 behind the chino but it's a private office. I've stopped checking him for the most part and would be very surprised if he ever passed me fake money.

I'll try and remember to post here the day before I go and anybody who wishes may come along. (no charge, but an offer of a coffee is rarely turned down) If you want me to make a special trip with you I'll do it for 50 bucks an hour. (US) Yeah that's way too much fucking money to do this but don't give me any shit about it, I really don't want to do it so if I have to drag my ass out of the house to accomodate you it will cost you an arm and a leg.

I'll do it for $49.00 !

Joking but sounds good!

I usually go about 4 days a week and it's just down the street so it's no big deal.

TL.

Told you somebody here is usually willing to help out one of the Boys!

[Daddy Rulz]

No need to tip anyone, if I'm not doing anything we can go and talk to 3 or 5 exchange houses and you can make your own choice.

7 days a week.

Daddy might help if he has time too. A lot of guys will help you.

TL.

I'm not going to walk downtown and check out the houses everyday for nothing no time for that. I normally change money once or twice a week. I use one of two places depending on the amount. For small amounts when it's just my money I go to the chino in the galeria across from Acapulco Resto on Lavalle. If I have more than 500 bucks to change (I never change that much at one time myself due to the upward trend) I go to my guy on Florida across from Galaria Pacifico.

The chino gives me a better rate but I don't trust him as much, it's in a leather shop and anybody walking through the galaria can watch you check the money which I do, every bill, every time. The guy on Florida is usually .1 behind the chino but it's a private office. I've stopped checking him for the most part and would be very surprised if he ever passed me fake money.

I'll try and remember to post here the day before I go and anybody who wishes may come along. (no charge, but an offer of a coffee is rarely turned down) If you want me to make a special trip with you I'll do it for 50 bucks an hour. (US) Yeah that's way too much fucking money to do this but don't give me any shit about it, I really don't want to do it so if I have to drag my ass out of the house to accomodate you it will cost you an arm and a leg.

[TejanoLibre]

Understand someone's skepticism and fear. Follow TL's advice and tip the guy a few bucks. A small price to pay for a sure thing. Don't get greedy. The market is so volatile things change as we speak. And the idea of stuffing Benjis in your britches is crazy. Be guarded and careful. One place where I change currency is an armed camp. Feel safer there than about anywhere in BA. Been doing it for years and notta problem ever. Blue Market is quite sophisticated. Have seen suitcases come and go from the little rooms. My paltry sum is chump change. Enjoy the life and thank Cristina for pessification.

No need to tip anyone, if I'm not doing anything we can go and talk to 3 or 5 exchange houses and you can make your own choice.

7 days a week.

Daddy might help if he has time too. A lot of guys will help you.

TL.

[Damman]

Excuse the ignorance of my question. Are we to bring ben franklin notes down in our underpants and exchange them in microcentro? Whatabout the fear of them argies handing over to us counterfeit AR pesos??

Thank you.

Jaggar.

Understand someone's skepticism and fear. Follow TL's advice and tip the guy a few bucks. A small price to pay for a sure thing. Don't get greedy. The market is so volatile things change as we speak. And the idea of stuffing Benjis in your britches is crazy. Be guarded and careful. One place where I change currency is an armed camp. Feel safer there than about anywhere in BA. Been doing it for years and notta problem ever. Blue Market is quite sophisticated. Have seen suitcases come and go from the little rooms. My paltry sum is chump change. Enjoy the life and thank Cristina for pessification.

[TejanoLibre]

Excuse the ignorance of my question. Are we to bring ben franklin notes down in our underpants and exchange them in microcentro? Whatabout the fear of them argies handing over to us counterfeit AR pesos??

Thank you.

Jaggar.

We go to the same exchange house of choice all the time and for many years for some of us so it's not worth it for them to do that.

Go with someone that knows where to go.

TL.

[Damman]

Think the Blue market is bigger than I ever imagined: $100 million a day in Buenos Aires.

http://www.cronista.com/contenidos/2...icia_0005.html

http://translate.google.com/translat...tbb=1&ie=UTF-8

[Jaggar]

Excuse the ignorance of my question. Are we to bring ben franklin notes down in our underpants and exchange them in microcentro? Whatabout the fear of them argies handing over to us counterfeit AR pesos??

Thank you.

Jaggar.

[Aqualung]

It's simple. It's all about offer and demand. You have to realize it's the other way around to what you as foreigners perceive. The market is dictated by Argentines buying US $ not the how much anyone gets for his Dollars. Today we closed at 9.60/9.63. The demand for Dollars pushed the price to 9.60 while the lack of sellers narrowed the difference to 3 cents.

When the central bank had reserves it just dumped a pile of greenbacks on the market so the price dropped. Today it doesn't have reserves so it can't regulate the price. Another variable were the exporters (farmers). When they sold their crop they also flooded the market with Dollars. Today they are so controlled by the government they keep their real money in offshore banks bringing only the minimum they can't get away with into the country as hard cash.

Cancelling foreign debts is another variable but the government's attitude is "F-you. You are the one loosing sleep over money that you probably will never see again." So the sanctions that may or not come in the future aren't relevant at this moment.

You guys exchange at little trinket or leather stores where they may see at the most a few hundred Dollars a day so they (have to) offer as low as they can to sell as high as they can thus making a little profit but the big traders are buying and selling BY THE KILO. A million Dollars in C notes is 1 kilo 100 grams.

The preferred currency for getting the money out of the country is the Euro. The 500 hundred note weighs much less.

[Dickhead]

I used to work for a currency trading firm and was chatting with a former colleague about the behavior Davie and Jackson are observing, where the nominal spread is remaining constant but the percentage spread is narrowing. He said it was volume-related; there has been more active trading in the Argie pesos and so economies of scale have driven down the percentage spread. At the higher or wholesale trading levels, the liquidity is better as the trade is more popular, and the spread narrows.

This guy went to MIT so I only 85% understood him but it makes sense on an Econ 101 type level. Oh yeah, and he also said his current firm is following a "daily short" strategy with Argentina where they close out their short position in the peso every night. He said that leads to somewhat higher trading costs but that the risk of an overnight blow-up is more than they want to risk. Basically they are re-assessing the country risk every single day.

[DavieW]

My thinking is that the delta would probably be better expressed as a percentage as opposed to "20-30 centavos", which in itself looses accuracy with inflation.

Got 9.30 today with ambito.com saying 9.60.

I know that what you're saying makes sense Jackson, but I've been seeing the 20-30 centavo delta since the rate was about 4.20.