14 November 2011

URUGUAY / ARGENTINA : Montevideo Fears Further Decline Of Argentine Peso Will Affect Tourism.


      In just 11 days, the value of Argentina's Peso has fallen 20% in neighboring Montevideo...after Buenos Aires put in place monetary controls over the sale and purchase of the $USD.
     The official Argentine rate is 4.28/4.29 Pesos per $USD.
     In the informal/black market...the rate is 5 Pesos...and sometimes 5.15 Pesos per $USD.
     Uruguayan officials especially fear that Argentine tourists will be deterred by the sudden plunge in their Peso's value.
     The new stricter foreign exchange measures seem to have created greater desire...even panic...to purchase foreign currencies.