Argentine unofficial dollar reaches record high

The unofficial dollar in Argentina, commonly called the blue dollar, reached a new peak yesterday, closing at 598 pesos per unit in major exchange houses.

It has seen an 8.7% rise in August and increased by 24 pesos in the past week, leading up to the upcoming primary elections.

In contrast, the official exchange rate of the US dollar closed at 296.52 pesos for retail sales, as reported by the Central Bank of Argentina, while the wholesale dollar, used for international trade and finance, ended at 284.19 pesos.

This places the gap between the official and unofficial markets at 101.6% for retail and a difference of 110.4 pesos for the wholesale sector.

Other financial dollars also showed an upward trend. The “Contado Con Liquidación (CCL)” closed above 555 pesos, and the “dólar MEP” (Electronic Payment Market) stood at 521.6 pesos.

Year-to-date, the unofficial dollar has risen by 252 pesos.

Financial analysts suggest that the recent increase, especially since July 13, is due to the electoral context and discussions related to agreements with the International Monetary Fund (IMF).

The delay in finalizing the IMF agreement until after the primaries has led to market uncertainties.

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