Economy Country February 05, 2025

Argentina's Economic Struggles Continue

Argentina is facing significant economic challenges with a loss of US$ 1.165 billion attributed to high demand for foreign vacations. The Central Bank struggles to accumulate reserves amid fluctuating currency values.


Argentina's Economic Struggles Continue

During this period, the country's international reserves experienced a decrease of US$ 29 million, reaching a total of US$ 29.427 billion. The decline is largely attributed to the demand from Argentines vacationing abroad, especially in destinations like Brazil.

The official retail dollar, excluding taxes, was set at $1,024.19 for purchase and $1,082.36 for sale. On the other hand, the Cash with Settlement (CCL) was traded at $1,194.09, presenting a spread of 13.3% compared to the official quotation. Meanwhile, the card or tourist dollar operated at $1,396.85, while the savings dollar remained at the same level.

Regarding the Bitcoin dollar, its quotation was set at $1,195.99. In the Central Bank's last intervention, only US$ 9 million were acquired, marking the fourth consecutive positive balance. However, international reserves continue to decline, with a decrease of US$ 29 million on this day, accumulating nine declines in the last 11 sessions.

In the foreign exchange market, the wholesale dollar was offered at $1,054.25, maintaining the same value as the previous day. According to the Central Bank's announcement, starting this month, the official exchange rate will be adjusted at a rate of 1% per month, being 2.1% in January. The blue dollar slightly decreased to $1,215, creating a gap of 15.3%.

Additionally, the MEP dollar operated at $1,184.30, establishing a gap of 12.3% compared to the official exchange rate. On the other hand, Bitcoin remained at US$ 100,357.61. Despite efforts, the Central Bank continues to face difficulties in increasing its reserves.