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Messi’s Black-Market Rate Seen in Peso Dumping: Argentina Credit

The surge in demand for dollars in Argentina that increased the black-market price to a record 10 pesos per dollar is causing banks to ratchet up deposit rates as they try to lure back savers.

The interest that banks pay for 30-day deposits of more than 1 million pesos, known as the badlar, has climbed 0.81 percentage points to 15.69 percent since March 18, when the government raised a tax on credit-card purchases abroad. The decision helped propel the badlar rate to the fastest two-month increase since February.