(MENAFN – Al-Borsa News) The widening gap between the official and real exchange rates in Argentina continued, with South American citizens scrambling to buy dollars on the black market for currency.
Argentines tended to buy dollars from the informal currency market, with the authorities imposing restrictions on citizens buying US currency at the official rate announced in banks.
The exchange rate of the dollar on the black market for the currency in Argentina rose by more than 4% in the last 24 hours only, reaching 164 pesos for every dollar, according to Bloomberg.
On the other hand, the official rate announced on the official website of the central banks did not witness a significant change at 77.14 pesos per dollar, which means that the difference between the actual and official rates reached 112%.
The increasing divergence between the two dollar rates in Argentina comes, with the country suffering from a severe recession in addition to restrictions on capital movement and the central bank announcing a plan to allow some fluctuations in the exchange rate.
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