The blue-chip swap, Argentina’s unofficial exchange rate derived from the trading of peso and dollar-denominated assets, weakened the most in two weeks after the new administration of Alberto Fernandez announced the return of a so-called “tourism tax.”
The blue-chip swap, which acts as an escape valve through which investors can move funds in and out of the country amid capital controls, fell as much as 3.1% to 76.27 pesos per dollar, the most since Dec. 4. In comparison, the official rate was little changed at 59.8 per dollar.
