Judicial investigations into alleged schemes to access cheap official dollars are once again bringing to the forefront a defining feature of the years of currency controls: while it was nearly impossible for the majority of the population to obtain foreign currency, a small group reportedly managed to purchase dollars at the official exchange rate amidst a large gap with the parallel market. According to Noticias Argentinas agency, this difference enabled rapid and million-dollar deals: from arbitrage with the "blue" dollar to the expansion of underground exchange offices and large-scale cash movement. This period is considered particularly sensitive as it coincided with the electoral context and high exchange rate tension.
At the heart of the scheme: from the official window to the informal circuit The main hypothesis is that a portion of the currency obtained at the official rate was channeled into the informal circuit to generate extraordinary profits. The scheme includes access to foreign currency at the official exchange rate through authorized entities or intermediators. It involves withdrawing large sums in cash, which leads to the loss of money traceability. The funds are then diverted to the parallel market ("cuevas") to capture the profitability of the gap.
"Ghost planes" and overinvoicing In parallel, another line of investigation examines the import of private planes. In April 2023, procedures were carried out regarding 32 aircraft suspected of overinvoicing (operations worth USD 22 million). The case was initiated based on intelligence reports from the Central Bank and the Financial Information Unit (UIF).
The main case: USD 1.500 million under the microscope The most relevant case, handled by Judge María Servini and Prosecutor Carlos Stornelli, investigates the purchase of around USD 1.500 million between January and October 2023. The suspicion is that these imports were a smokescreen for conducting financial business with the gap, as the goods would never have effectively entered the national operational system.
Shifting responsibilities Following the operations, the former president of the Central Bank, Miguel Pesce, stated that during his tenure there were investigations and closures of exchange operators, distancing the responsibility for monitoring from the Ministry of Economy and placing it on the BCRA itself.
The justice system now seeks to determine if these incidents were isolated irregularities or a well-oiled engineering where the official dollar functioned as a key to access extraordinary income for a few, while the majority of the population was excluded from the formal market.
