What are the requirements to be able to buy currency at a value $60 cheaper than the blue

Today, with the start of a new month, the monthly quota of US$200 to buy ‘savings dollars’ was renewed. Although there are few Argentines who can access the Mercado Único y Libre de Cambios (MULC), since at least a dozen requirements must be met, small savers who are enabled have the option of allocating about $64,000 to buy up to two US bills with the portrait of Benjamin Franklin.

In this way, they access at the cheapest price on the market, despite having a surcharge of 30% for the PAIS tax and 35% on account of Earnings. According to the daily survey carried out by the Central Bank (BCRA) on the main financial entities of the countrythe “solidarity” dollar sells for an average of $320.

By comparison, the blue closed yesterday at $381, so the saving dollar costs $61 less. In front of MEP dollar, instrument that allows legally circumventing the exchange rate through the purchase and sale of bonds, the distance is $35 (offered at $355). And against cash with settlement (CCL), which is used to turn greenbacks out of the country and trades at $367.50, the difference is $47.50.

The gap between the “solidarity” dollar and the parallels has stretched over the past two months. While free quotes were pressured by higher demand, inflation above 5% per month, and the number of pesos circulating in the economy, the official one moved at a much slower speed. In January, the blue rose 10%, the MEP 8.2% and savings, 5.9%.

However, fewer and fewer Argentines can access this exchange rate, due to the repeated tightening of the exchange rate that the Central Bank administers and restricts its demand. Last December, only 662,000 savers bought US bills through the home banking or an official exchange house, according to the latest report on the Evolution of the Exchange Market and Exchange Balance, published by the Central Bank (BCRA). In August 2020, the peak was four million buyers.

Currently there are 13 conditions to be able to access the Single and Free Exchange Market. Among them, it is required not having received part of the salary through the Work and Production Assistance program (ATP) during the pandemic on at least one occasionnot be a co-owner of the bank account or be a monotributista and have processed the credits at a zero rate.

Added to the system’s prohibited list are beneficiaries of social plans (such as the Emergency Family Income or the Universal Child Allowance), UVA credit holders who agreed to the freezing of their installments, SME owners who received loans at 24% or who bought MEP dollars in the previous 90 days, among other reasons.

Also, payments made with debit and credit cards in foreign currency are part of the quota of US$200 per person. That is to say, those who have made expenses of this type, will be deducted from the monthly quota and will be able to buy a smaller amount of dollars. In case of exceeding said amount, they will be left out of the MULC until the quota of the amount of money spent is compensated.

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