Argentines Are Desperate for Dollars
- On parallel exchanges, dollars cost twice the official rate
- Markets bracing for faster devaluation after Nov. 14 midterms
Photographer: Diego Giudice/Bloomberg
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Argentine investors are growing increasingly pessimistic on the peso, betting it’s inevitable the government will be forced to speed up devaluation after November elections.
Soaring demand for hard currency means dollars now cost 196 pesos on the parallel market used to skirt currency controls, almost double the official rate. It’s the largest gap in 12 months.