Data on foreign tourism in the country and how much dollars they spend here were known. How much of that is channeled by credit card at the MEP exchange rate and what are the prospects for the winter holidays?
During the first five months of the year, a little more than 3 million foreign tourists, which have generated revenues of US$2.3 billion to date. Usually, most of those dollars would have gone to the blue market to buy pesos and consume in the country. But, since the Central Bank (BCRA) implemented the possibility of applying the MEP exchange rate for operations with international cards (with the recent extension of the measure to digital wallets), that equation has changed. How is tourism impacting that market?
It goes without saying that the increase in foreign tourism represents an important income for the local economy, especially for the country’s tourist destinations, closely associated with the natural wealth of our territory, but, until the BCRA established the payment settlement modality at the financial exchange rate, almost all the dollars were channeled to the black market, for the advantage offered by the price of that place.
What is the modality established by the BCRA?
Faced with this reality, in December of last year, with some delay, and timidly at first, the implementation of the measure that authorized the international cards to implement for non-residents in the country a differentiated exchange ratewhich takes as reference the price of the MEP dollar and not the official one, as it was until now. The first cards that did so were Marter Card and Cabal and, later, Visa was added.
On the other hand, the BCRA established, at the beginning of May, that the consumption of foreign tourists made through electronic wallets that imply a debit in their bank or virtual accounts can also be settled at an exchange rate that has financial dollars as a reference and thus extended the dollar card for foreigners to electronic tools.
In that context, and with a MEP dollar exchange rate trading very close to the blueCurrently, the flow of foreign currency that goes to that market via credit card spending by foreigners has stabilized, according to Ámbito, at an average of US$150 million per month in recent times.
How many dollars go to the MEP
So taking into account, an average monthly expense of US$460 million made by foreigners in the country, 30% of the total goes to the MEP and the rest is channeled towards the blue counterbalancing the demand. The data reflects that even a large part of the expenses continue to go to the blue.
However, for Gustavo Quintanta, from PR Operadores de Cambio, “in the alternative dollars The offer for this concept is not seen with intensity” still. In fact, part of the current calm of the illegal is related to the flow of foreigners who go to the famous “caves” to look for pesos.
A positive outlook ahead
But, in July, which is high season in Argentina, it is expected that there will be a rise in the values of card payments, for the ski season, because the arrival of many Brazilians to the country is expected at that time.
That, added to the last measure of extending this mechanism to digital tools it opens the panorama to have a better dynamic in this sense, a beneficial effect for the MEP dollar and that takes away flow from the economy in the dark.
NOTE IN DEVELOPMENT….
Source: Ambito
