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Argentine savers rush to withdraw U.S. dollars - bank sources
A man walks out of a foreign exchange house in Buenos Aires November 8, 2011. REUTERS/Marcos Brindicci
11 November, 2011
BUENOS AIRES, Nov. 11, 2011 (Reuters) —
Fear of restrictions on access to dollars in Argentina prompted depositors to speed up withdrawal of greenbacks from their bank accounts this week, pushing interest rates up as the state acts to slow the outflows.
Fear of restrictions on access to dollars in Argentina prompted depositors to speed up withdrawal of greenbacks from their bank accounts this week, pushing interest rates up as the state acts to slow the outflows.
Argentines, many of whom traditionally save in dollars, have been seeking more and more of the U.S. currency while concerns mount about the world economy. Analysts warn of possible effects on domestic consumption, which has helped drive local economic growth in recent years.
Banks contacted by Reuters say they have lost between 10 percent and 18 percent of their deposits since two weeks ago when the government applied currency controls to try to preserve dollar reserves
For article GO HERE
Now the situation got a little difficult, still I believe Casas de cambio or exchange houses are very trustworthy in opposition to what some people call "arbolito". The arbolito are some businessmen who will try to sell or buy currencies at a better price but without giving you any receipt or ticket for the transaction. This may seem good since you do not care about the receipt, but it is not as good as it sounds. Some are thieves with bad intentions. They want to take advantage of the unwary tourists.
ReplyDeleteLast year I was staying in some Buenos Aires real estate near Florida street. Exchange houses and banks were full.
That is my advice!
Kim