Dollar: questions and answers about the new exchange rate for foreigners

as anticipated THE NATION, the government The exchange rate will improve for foreigners who arrive in the country when they use credit and debit cards for personal expenses. The measure will also reach the purchase of tour packages and tickets.

By a provision of the Central Bank (BCRA), which will be published on Friday in the Official Gazette, it will be established a settlement mechanism whereby cards and tour operators They will not be obliged to sell the dollars in the official market, but rather, through bank accounts, they will be able to access the price of the MEP (today around $290), with the obligation to settle within five days of the transaction. consumption.

Here are more details about the new regulations:

How will the procedure be?

Tourists will consume and pay the cards in dollars as before, but the cards will sell those dollars in Argentina through the financial market and not the official one. Then, as always, shops or services will be paid in pesos.

What is the OBJETIVE?

The central idea is that non-resident tourists who visit the country do not resort to blue and can use electronic means of payment to encourage the entry of dollars into the formal market.

How is the exchange rate calculated?

The exchange rate to be used will be the MEP dollar operated with the most liquid bonds. Until today, the retail dollar of Banco Nación was used. The cards may charge a commission for said operation.

Since when will it be valid?

The rule will go into effect on Friday, November 4.

Have you talked to the banks so that they can implement it?

This regulation is not implemented through banks but through cards. Banks intervene in the expenses of Argentines abroad and not in those of foreigners in Argentina. The cards are required to deposit the dollars but paying them to the MEP is not required.

Is it for tourists from any country?

Yes, for all people who have a card from abroad.

How do you identify that the card is from a foreigner?

Just as it is already done. The chips and routing of the cards indicate in which country it was issued.

What happens to Argentines who have cards issued abroad?

If they pay with cards from abroad, they have the same treatment as a foreign tourist.

Is it only for credit cards or also debit cards?

It is for credit, debit and also for prepaid.

Is the conversion done by the business or the bank?

The business does not change anything. The bank does not intervene. The conversion is done by the card.

Is this going to affect BCRA reserves?

The BCRA will no longer receive the -minimum- amount that the cards have so far sold on the foreign exchange market (MULC). The advantage is that the dollars that enter the cards to sell now in the financial market will swell the reserves when they are deposited in the sellers’ accounts.

THE NATION

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