cambio

[by jeremy, on 01-06-03]


You can’t walk down the Calle Florida (Florida Street) without passing at least 3 people muttering “cambio, cambio” – that is, “change.” They want, of course, to help you turn your dollars into pesos. If you avail yourself of their services, they will take you to a shop that actually does the changing of money. It’s not clear whether it’s strictly legal to change money with these people, but lots of tourists do it because they give you a slightly better rate than the more formal establishments. (It’s not an option for me, since I don’t have any dollars.)

We arrived in Buenos Aires at about the peso’s low point – it was changing for 3.8 pesos to the dollar. The peso’s strengthening and the dollar’s global weakening have brought us to 3.3 pesos/dollar now. It’s not a huge change, really, but it’s ever-harder to view your US bank account as a magical ever-replenishing pot: put in U$S 300, take out 300 pesos and still have most of your money left.

As a foreigner living here, the exchange rate is something you’re ever conscious of. It’s almost like the weather in its ability to affect your mood. A strong peso generally means a stronger Argentina, but it’s surprising how quickly you forget the larger context and find yourself disappointed by the peso’s improved condition. It’s hard to avoid feeling disappointed or even a little scared when the numbers on the streets drop to a new low, as they have in the last few days.



The news agencies report that there are fewer piqueteros as a result of the stronger peso, but just the same, as I headed out to take the above cambio photo on Friday I passed a group of protesting savers setting fire to a building for the benefit of news cameras. A block down the street a bank had had its walls covered by graffiti, its front windows smashed, and motor oil poured on its ATMs, presumably by the same group. The police, present in force, stood by and chatted.

previously there was muchas mamas
afterwards you have You can take the boy out of the country

comments

Sam, Michigan
So, is that the corruption king himself walking past the graffiti? [submitted on 06 Jan 03]
Ellen K.
that stuff washes off pretty easily. probably the motor oil wasn't so easy to get rid of, though. I wonder if the people taking money out of the bank now get oil-coated dollars. or can you withdraw dollars at all? I guess not. oil-coated pesos, then.

At this point you'd think people would be buying pesos. somebody must be or the peso wouldn't be getting stronger. [submitted on 06 Jan 03]
econ dude
that's a pretty tight exchange rate. I saw an official change place this weekend buying reals for 6 uruguayan pesos, and selling them for 9 - a 50% spread, compared to this 1.5% spread. -b. a. [submitted on 06 Jan 03]
el Emeno
Probably that says more about the brazilian real than it does about the argentine peso, right? poor Lula has to win the world over. [submitted on 06 Jan 03]
david
you say, "As a foreigner living here, the exchange rate is something you're ever conscious of. It's almost like the weather in its ability to affect your mood." Granted, this is probably a bit hyperbolic in your situation as well, but I do have to say that, as a rule, I don't worry so much about the exchange rate. If I had changed all my dollars when we arrived, versus changing them today, I would have had US$12 more per hundred dollars. Which is, what, US$150, maybe, considerable but not much compared to the advantage we have changing dollars in general. And what am I going to do? I saw a guy in the street today with a "Don't sweat the small stuff" shirt, in English. It's a stupid shirt, especially in Argentina, but i have no problem with the sentiment. [submitted on 07 Jan 03]
jeremy
The rate now is the lowest in 9 months - 3.07/3.14 on the signs. [submitted on 13 Feb 03]

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