The significant diversion of consumption suffered by Uruguay Last year was beginning to become just a bad memory for local merchants and businessmen when two dark clouds loomed on the horizon: the historic depreciation of the real in Brazil and the rebound of blue dollar in Argentina.
In 2023, the diversion of consumption to Argentina was about 500 million dollars, almost half of the consumption growth that was recorded. The impact was not only felt in the border departments, with businesses closing and unemployment skyrocketing, but it even impacted tax collection. DGIas a result of lower income from VAT.
This year, with the increase in dollar prices in Argentina and the almost unification of the types of exchanges that the neighboring country has, the bleeding stopped. But, weeks ago, a new price gap unfavorable for Uruguayan trade. He Brazilian real depreciated considerably, with the dollar reaching historical values above 6 Brazilian reals.
The supermarkets on the Brazilian side of the border began to fill with Uruguayans and in the tourism sector there is concern that the blow will be felt in the incipient domestic tourismstrengthened from the Covid-19 pandemic.
Upon the alarm signal, the Economic Observatory of the Catholic University (UCU) reactivated the measurement of the border price index with Brazil. The same one, which compares products of Artigas and Quaraishowed that Uruguay It is 71% more expensive than its neighbor.
The panorama was completed, this week, with a rebound in the price of blue dollar in Argentinathe exchange rate that Uruguayans use for their purchases in the neighboring country.
Although this Thursday the parallel exchange rate fell to 1,555 Argentine pesos for sale, it had been rising for eight consecutive days, surpassing the ceiling of 1,200 Argentine pesos on Wednesday.
The rise, although it responds mostly to seasonal factors typical of Argentina (availability of money for the payment of bonuses), coincides with moments of tourist mobility in Uruguayfor the festivities and the beginning of summer.
Furthermore, the decision of the Central Bank of the Argentine Republic (BCRA) to lower the monetary policy rate to 32%, from the previous 35%.
Source: Ambito
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