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Argentina to Lower Price of Illegal Dollar, Radio Mitre Says

Argentina’s government plans to force currency exchange houses to start quoting the U.S. dollar at between 5 and 5.1 pesos instead of 5.9 pesos in the unofficial parallel market, Senator Anibal Fernandez told Radio Mitre today.

An illegal market in foreign currency has flourished since November, when President Cristina Fernandez de Kirchner ordered that all currency transactions require tax agency approval. The government met yesterday with the main foreign-exchange houses and they will offer the dollar at 5.1 pesos per dollar on June 4, Fernandez said. He didn’t elaborate on how the government would enforce this.

Separately, La Nacion reported today that banks in Argentina are asking clients to join waiting lists to withdraw dollars from their own dollar-denominated bank accounts. The newspaper didn’t cite its sources on the story.

To contact the reporters on this story: Sebastian Boyd in Santiago at sboyd9@bloomberg.net; Richard Jarvie in Buenos Aires at rjarvie@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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