Exchanging Currency

[TejanoLibre]

I got 8.7 for 200 at my chino.

$8.70 today at the place next door to La Mad.

Told me the peso is freaking out!

You did well.

10 to 1 yesterday was awful unless he's thinking long.

Very Long!

Realize that Chicas that were 940 yesterday are not going to be 870 now . And worse !

TL.

Carlos Pellegrini 787.

Turismo Dalman.

Drop Tejano Libre's name for best rate.

I hope! I Think?

It's close enough and easy to find but it's closed on Sat. And Sun. And closes at 5:30 pm on the other days.

FAKE PESO ALLERT :

A counterfeit ring was busted in BA today with 172k in fake bills , new and old hundreds .

1 counterfeiter and 3 buyers that bought them for .23 and sold them on the "Street" for ?

23 peso hundreds.

TL

[Brock67]

I got 8.7 for 200 at my chino.

8.6 for 40 USD (yes, forty) on Florida w / Lavalle.

10.6 for 10 EUR.

I don't pretend to understand...

[Daddy Rulz]

I got 8.7 for 200 at my chino.

[Daddy Rulz]

Are we going to end up with yet a third market?

There is the "official" rate 5. Whatever.

Now due, I understand to Gov pressure (though I wonder if somebody didn't release some dollars into the market to create a glut) the blue rate is in free fall, based on Dollar Blue I expect to get around 8.1-8.2 today but haven't changed so I don't know what it will be.

Will there now emerge a "Puce", or maybe "Vermillion" market to again trade freely.

I for one am taking my lumps, trading a couple hundred today at whatever I can get then hunkering down and hording the rest until the silly season passes.

[MataHari]

I'll take them.

Sorry guys, Thomaso shot the first so he got the deal...

[Daddy Rulz]

Hey guys,

For anybody interested, since I m leaving the country, I m exchanging 2000 pesos (me) for 200 USD (you). Send me a pm if interested.

I'll take them.

[MataHari]

Hey guys,

For anybody interested, since I m leaving the country, I m exchanging 2000 pesos (me) for 200 USD (you). Send me a pm if interested.

[Joe 23]

Dollar blue has it down to 9.3.

The blue market is almost frozen because Guillermo Moreno put pressure on two of the most influential executives in the exchange market, according to the BA Herald. The official rate moved up half a centavo today.

Seems that the government wants to keep the blue within twice the official and this has so far worked for two days, but we still have to see if it can continue.

[Don B]

Dollar blue has it down to 9.3.

Could be the latest Federal Reserve Report.

I could find the site I read about the change from the previous one but the gist is there were only six words changed.

Essentially the Fed has now admitted in writing that fiscal policy hampers growth. Who would have thought that?

Don B.

[Daddy Rulz]

Dollar blue has it down to 9.3.

[Damman]

Cannot help but believe the Government and / or its cronies are the big purchasers in this blue market. They sure as hell cannot print US dollars, but pesos they can print. Easy swap if your in the inner circle. No questions ever asked.

[Canardly]

Bear in mind that this is an "informal" transaction.

Maybe the types of razor thin spreads quoted are representative of million dollar transactions between dealers but in practice, for typical transactions the spreads are rather higher.

The excellent article posted by Damman shows, for me, the danger of using unreliable source data and drawing unwarranted conclusions therefrom.

[Damman]

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

This piece kind of addresses your question. Rough translation:

If we accept the idea that the free dollar market moves $30 USD million a day this would generate some $102,000 USD per day in commissions (the average spread buying / selling since January 2012 is 0.34% or income before costs $34 USD for each of those intermediaries. This figure ($714 USD per month) is clearly insufficient to maintain brokerage simpler structure, so that the volume should be significantly larger market (a market of $75 million per day USD mean income before expenses $1,761 USD per month per agent).

http://www.cronista.com/economiapoli...0513-0027.html

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

[Santa]

Got 9.2 for $300 at Dalman today. He offered 9.1 for $200 but bumped it up for $300.

Don B.

No ideal whether this is true or not.

They stopped issuing US dollars in the Uruguayan ATMs about two weeks ago.

Had this confirmed at HSBC Uruguay.

[Don B]

Got 9.2 for $300 at Dalman today. He offered 9.1 for $200 but bumped it up for $300.

Don B.