Exchanging Currency

[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.

[Canardly]

At Jackson:

Above website gives me the best handle on rates.

The blue ask is the key rate, a good cueva will give maybe 15 centavos south of the ask on $1000 plus in hundreds, if you're selling Pesos maybe 15 centavos north.

http://www.dolarblue.net

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.

As nearly as my preliminary observations can determine, the difference is somewhere between 2% and 4% of of the published (and largely speculative) rates on the websites.

The question is which one of the websites offers the most accurate base rate from which to discount.

Bueller? Bueller?

Thanks,

Jackson.

[TejanoLibre]

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.

As nearly as my preliminary observations can determine, the difference is somewhere between 2% and 4% of of the published (and largely speculative) rates on the websites.

The question is which one of the websites offers the most accurate base rate from which to discount.

Bueller? Bueller?

Thanks,

Jackson.

Feris Bueller's Quotes?

Or the retaurants on Lavalle that were kind enough to offer us $5.13 to $1 for dinner?

That was funny!

TL.

[Jackson]

As has been said many times on this forum, they're an approximate indicator of what the real exchange rates might be if you take 20-30 centavos off their published buy rates and that's about as much as should be read into them.

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.

As nearly as my preliminary observations can determine, the difference is somewhere between 2% and 4% of of the published (and largely speculative) rates on the websites.

The question is which one of the websites offers the most accurate base rate from which to discount.

Bueller? Bueller?

Thanks,

Jackson.

[TejanoLibre]

You can win 80% cash per day. Buy at 5.1 sell at 9,2.

One day they 'll wiki-leak the list of senators or congressmen who "suddenly" became rich.

Pussy-price in Thelmo or Mburucuya staying stable (for spassi).

600 P.S. TLN.

Yes we can

80% is EXCELLENT!

And I guess the price of Pussy ALL depends on where one might hang-out!

I take guys to the tourist traps because they are looking for that level but I prefer the Local Race Track myself!

TL.

[Spassmusssein]

You can win 80% cash per day. Buy at 5.1 sell at 9,2.

One day they 'll wiki-leak the list of senators or congressmen who "suddenly" became rich.

Pussy-price in Thelmo or Mburucuya staying stable (for spassi).

600 P.S. TLN.

Yes we can

[TejanoLibre]

I've been studying the varoius websites that publish unofficial blue dollar rates.

Some of these published rates just don't make any sense to me.

Specifically, yesterday La Nacion published the blue dollar rates as:

DÓLAR BLUE COMPRA = 9,260.

DÓLAR BLUE VENTA = 9,300.

That's only a .5% margin.

Also, ambito.com lists the rate as:

COMPRA = 9,300.

VENTA = 9,340.

That's only a .45% margin.

So my question is: How do these rates make any sense?

For example, if a money exchange was to utilize these rates, how could they possible stay in business on a 1/2% margin?

Thanks,

Jackson

I surely don't know finance unfortunately but I'm at the Arbolitos about 4 days a week and they try to fuck me for everything from $7 to $1 to $9 to $1 Yesterday!

At 300k USD it starts to make sense to a tiny store front that sells leather too . ( maybe ? )

My only guess is that the Blue or Black Market Boys are hedging their bets and are stuffing their mattresses with Franklins! No fucking way are they putting them in the bank, not even in their safety deposit boxes!

They are assuming that the Blue Rate is going to hit 10 to 1 and a lot more; maybe even a catastrophic crash!

Sidney, Mad Max, Toymann or Morgando should know something solid!

I'm not complaining about 9.3 though!

Gold may drop to 1200 so I'm thinking Sell now and Buy later when it gets stupid again!

I only know the price of pussy and it's higher than Giraffe Pussy these days!

TL.

[DavieW]

I think it means you can take them with a pinch of salt! Neither La Nacion nor ambito.com ARE money exchangers and nobody in the real world has ever found anyone exchanging money at the rates they publish.

As has been said many times on this forum, they're an approximate indicator of what the real exchange rates might be if you take 20-30 centavos off their published buy rates and that's about as much as should be read into them.

[Jackson]

I've been studying the varoius websites that publish unofficial blue dollar rates.

Some of these published rates just don't make any sense to me.

Specifically, yesterday La Nacion published the blue dollar rates as:

DÓLAR BLUE COMPRA = 9,260.

DÓLAR BLUE VENTA = 9,300.

That's only a .5% margin.

Also, ambito.com lists the rate as:

COMPRA = 9,300.

VENTA = 9,340.

That's only a .45% margin.

So my question is: How do these rates make any sense?

For example, if a money exchange was to utilize these rates, how could they possible stay in business on a 1/2% margin?

Thanks,

Jackson

[TejanoLibre]

How late are they open?

Don B.

It's a retail shop for Tourist on a super busy intersection but most of the retail shops seem to close at 8 pm on the street and 9 pm in the malls.

Figure 5 or 6 pm to be safe.

Just walk in and say "Tengo Dolares, me mando El Tejano Libre. ".

" I have dollars, Tejano Libre sent me.

That's just to keep him honest!

Ask for $9.00 to 1 since I just found out that a lot of people are dropping their pants for 9 bucks! Right off the bat! Hit him even higher if you want!

I had not exchanged in a week so $8.97 shocked me.

TL.

P.S. The 3 Boys that think I make a single Penny on these deals can go to Heaven! At 9 there is no room is there? Oh yeah, at $8.97 I can make $3.00 per THOUSAND u$d! Tempting isn't it? I can't even get a drink that I won't drink!

I will take that back! If it's a 60 year old single malt I will consider it since it's about $6,000.00 dollars a bottle and maybe $1000.00 dollars a shot in the USA!

Better be better than a Deluxe Rusty Trombone!

[Don B]

Got $8.97 today across the street from X at the "Tourista" Store next door to La Mad!

I said "$8.97 ? That's too much!! ".

And the guy said " I can pay you less if you'd like! ".

Then I heard that Gautlet got 9 to 1 !

Fuck! It is about to hit the fan! Or it already has!

TL.

Turismo Dalman.

Carlos Pelegrini 787.

Leather, Kitchen Magnets and Mate' Gourds!

Tourist Shit!

High-End Bus Tickets to All Over The Country Too! Same price as the Bus Terminal but a lot more convenient!

How late are they open?

Don B.

[TejanoLibre]

Got 8.65 this afternoon at Scalabrini and Cervino. This was their initial quote, independent of amount changed.

20 minutes later, I popped into the Junin coin shop to see how they would compare. Was quoted only 8.3.

Got $8.97 today across the street from X at the "Tourista" Store next door to La Mad!

I said "$8.97 ? That's too much!! ".

And the guy said " I can pay you less if you'd like! ".

Then I heard that Gautlet got 9 to 1 !

Fuck! It is about to hit the fan! Or it already has!

TL.

Turismo Dalman.

Carlos Pelegrini 787.

Leather, Kitchen Magnets and Mate' Gourds!

Tourist Shit!

High-End Bus Tickets to All Over The Country Too! Same price as the Bus Terminal but a lot more convenient!