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© Reuters. Argentina seeks to attract dollars with a bank account for foreign tourists
Buenos Aires, Oct 28 (EFE) .- The Central Bank of the Argentine Republic resolved this Thursday to enable the possibility for foreign tourists to open a bank account in which they deposit dollars for their expenses in pesos during their visit, a measure that seeks attract foreign currency at times of growing interest in the US currency in the South American country.
Through a resolution adopted by the directory of the monetary authority, foreign tourists visiting Argentina will be able to open virtually or upon arrival in the country a bimonetary savings bank (US dollars and Argentine pesos) and access financial and media services with this account. electronic payment.
To do so, visitors must have a bank account in their country of origin that will be the only one enabled to transfer dollars to the account in Argentina.
As explained by the Central Bank in a statement, these accounts can be used for purchases in stores in pesos in Argentina by debit card and through digital banking applications, and to make cash withdrawals from Argentine currency.
Foreign currency accreditations in this “savings bank for tourists” must be made through transfers from the accounts of its holder in the country of origin or through dollar deposits in cash, for up to $ 5,000.
In the event that there is a balance in the client’s account in foreign currency at the end of their trip, the bank must automatically transfer it to the account in the country of origin and proceed to close it, not being able to withdraw cash from foreign currency. .
MORE TOURISM, MORE DOLLARS
According to the Argentine government, with the opening of these accounts the tourist “benefits because he does not handle cash, he does not have to go to a cave (an informal currency sale site) and avoids the risk of robbery or fraud with false coins.”
“This is important news for foreign tourism,” government sources pointed out to Efe regarding a measure that is adopted at a time when Argentina is preparing to reopen to foreign tourism as of November 1, after the general closure of the country’s borders. March 2020 before the irruption of the covid-19 pandemic.
In 2019, before the global health crisis, Argentina received 3,065,200 foreign tourists, which meant foreign exchange earnings of 3,176.9 million dollars, according to official data.
“We have the best expectations for this new stage, where receptive tourism will be the protagonist of the economic reactivation through the income of foreign exchange and the generation of employment,” said the Argentine Minister of Tourism, Matías Lammens, in a meeting this Thursday, Foreign Minister Santiago Cafiero and a dozen Argentine ambassadors to coordinate actions that encourage the arrival of foreign tourists.
The foreign exchange contributed by tourism could help calm exchange rate tensions in Argentina, where the demand for dollars to hedge is growing among investors due to the doubts raised by the weak domestic economy.
This Thursday the price of the US currency in the informal market broke a new record, closing at 198 pesos per unit, compared to a much lower value in the official retail market but with very restricted operations, which also closed today at a maximum historical of 105 pesos per unit.
Foreign tourists, however, will not have to change their dollars deposited in the special savings bank at the unfavorable official rate, but will be able to do so at the alternative price of the so-called “MEP dollar”, which closed this Thursday at 179.23 pesos per Unit.
