LatinNews Daily - 03 November 2022

In brief: Argentina to announce preferential exchange rates for tourists

*Argentina’s government led by President Alberto Fernández is planning to introduce another new exchange rate, this time targeting the tourism sector, according to senior government officials consulted by news websites Bloomberg and Infobae. The exchange rate would reportedly allow foreign tourists using non-Argentine issued credit and debit cards to benefit from using the financial markets rate (MEP) rather than the official exchange rate, allowing them to exchange US dollars at a significantly better rate and discouraging them from exchanging dollars in cash on the black market. This forms part of efforts by Economy Minister Sergio Massa to boost the country’s foreign currency reserves, and follows a measure in July allowing foreign tourists to exchange up to US$5,000 at the MEP rate at certain authorised establishments. It also comes after the introduction of the so-called ‘Qatar dollar’ and ‘Coldplay dollar’ last month. The new credit and debit card exchange rate for tourists is expected to be announced by the central bank (BCRA) later this week.

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