The exchange rate for the transaction was 366 Argentine pesos per U.S. dollar, almost double the official exchange rate (190 pesos per dollar) at the time. These dual rates aren't a new phenomenon in Argentina, or Latin America more broadly, economists later told me.
Do Argentine pesos have a 'blue dollar' exchange rate?
While in Buenos Aires, the capital, I learned of a system of multiple exchange rates for Argentine pesos. The "blue dollar" exchange rate set by the black market will extend U.S. tourists' money twice as far as the officially quoted rate. You can legally access that rate by wiring yourself money.
Does Argentina have a foreign exchange market?
That’s because Argentina’s foreign exchange market is far from straightforward. Governments have added layers of restrictions on foreign currency operations over the years, spawning a myriad of different exchange rates. Since 2019, Argentines have not been allowed to go to a bank and simply buy all the dollars they want.
