As a consequence of exchange rate trapthe taxes that increase the price and the deterioration in the purchasing power of the population, In May the number of people who sold dollar “savings” quadrupled the number of buyers.
According to a report published this Friday by the Central Bank (BCRA), during the fifth month of the year 207,000 Individuals sold their dollars on the official retail exchange market, while only 52,000 They bought foreign currency for “hoarding.”
In parallel, For the third consecutive month, the total amount of sales exceeded the total amount of purchases (US$13 million against US$8 million). Thus, in the first five months of 2024, the Formation of External Assets (FAE) for operations of “natural persons” showed a positive balance of US$10 million for the BCRA.
Today the retail exchange rate is $930.50. However, the exchange rate that savers can access without too many complications includes an additional 60% surcharge for various taxes, which is why The effective value currently amounts to $1,488.80.
In addition, it is worth remembering that the restriction on quantities is still in force, which indicates the people They can only purchase US$200 per month.
Added to all this is the socioeconomic context, with an increase in unemployment and a deterioration in real wages, two factors that have reduced the population’s ability to save and even lead to need to sell savings to make ends meet.
On the other hand, it is worth highlighting that the accumulated general result of the FAE for operations of the non-financial private sector was US$440 million, which transformed this component of the exchange balance into the second one that contributed the most dollars to the monetary authority, behind the positive result for the trade of goods.
Why should you buy the MEP dollar?
Although the gaps between the savings dollar and the parallel ones have been reduced in recent months, the former still remains the most expensive exchange rate on the market since the MEP closed June at $1,347.96 and the blue one is currently trading at $1,365.
The MEP dollar is not only more attractive than the “savings” dollar because of its price, but also because it has no restrictions on quantities. The procedure for acquiring these two exchange rates does not vary too much since both can be purchased at a trusted bank, by simply opening a dollar account. The additional step to buy “stock” dollars is to open a custodial or brokerage account, which is what allows trading in stocks and bonds.
The MEP can also be obtained through a brokerage firm. In some cases, financial institutions carry out the entire transaction, while in others, it is the individual who must first buy the Global 2030 (AL30) or Global 2030 (GD30) bond in pesos, and then sell it in dollars, respecting the 24-hour “parking” period (time during which the bond must be immobilized).
