For various reasons – a brief illness and a work assignment
that kept me anchored to the computer for about ten days – I’ve spent less time
on the Argentine side of Patagonia
than I had hoped or anticipated. That said, it’s still given me some insight
into the continuing complications of the exchange rates here, both for foreign
visitors and for Argentines and their businesses.
Two weeks ago, I crossed the border from Chile’s Torres del
Paine to the Argentine tourist town of El Calafate, where I
usually stay in my cousin’s house. She was out of town, though, and my other
usual contacts (her ex-husband and my nephew) had no available space, so I had
to spend money on a hotel. I found a simple but pleasant place for 490 pesos
(about US$55 at the official exchange rate).
I had a supply of Argentine pesos that I had purchased at
the “blue” rate of roughly 13 to the dollar in December in Buenos Aires, but thought I
might need more, so I asked the owner what rate she paid for US dollars. I knew
it would be lower here, where the tourist economy puts quite a bit of foreign
currency in private hands – my cousin and nephew are guides who often get tips
in dollars – but accepted the offer of 11.50 pesos per dollar, which made the
effective room rate about US$43. I also got some change in return, augmenting my
peso supply.
That wasn’t as good as the Buenos Aires rate and, at dinner
with my nephew and my cousin’s ex that night, I learned that Calafate’s only foreign
exchange house had closed. That leaves the banks and ATMs, which pay only the
official rate, or negotiations with hotels or other businesses, such as tour
agencies. En route to El Chaltén,
I made a brief stop at the historic roadhouse of La Leona (pictured
above), where the rate was 11 pesos (as pictured below). Friends at El Chaltén, who operate a
hybrid hostel/B&B, told me they were reluctant to involve themselves in money-changing
because of the recent fluctuations in the market (the dollar reached as high as
15 pesos in the not-too-distant past).
As I reported in the
previous post, I had to make an unexpected detour to the town of Gobernador
Gregores as I drove north on Ruta 40, and there the YPF gas station (pictured below) was
offering 10 pesos – not much of a premium on the official rate. I had plenty of
pesos to fill the tank, though, so I didn’t have to change money there.
Shortly thereafter, I returned to Chile and, a couple days
ago, I crossed the border from Futaleufú to Esquel, where a friend told me
the market there had pretty much dried up because of a government crackdown. I
proceeded north, with a brief stop for empanadas and ice cream at El Bolsón, before arriving at Villa La Angostura,
my last stop before returning to Chile. My pesos were running a little low.
Unfortunately, I arrived too late to visit Cambio
Andina (pictured at top), an exchange house that was paying the blue rate last year. I went
to find accommodations and learned that, unfortunately, this is the weekend of
a big moto-cross event (something I loathe) and rooms would be hard to find.
The first place that had a room (which I knew from an earlier visit) would
accept dollars at nine pesos, barely above the official rate.
Another place’s prices had skyrocketed – even in dollar
terms – since I stayed there last year, but its owner would change dollars at
12 pesos. I decided to try one other place, where an apologetic receptionist
told me that Andina would still change at the blue rate for tourists, but only
the official rate for locals, so she preferred not to do so. I ended up returning to the previous option, but
paying a bit more than I had hoped.
What’s the moral of this story? Argentina continues to be
unpredictable, and is likely to be so at least until a new government takes
office at year’s end.
MEANWHILE, ACROSS THE
ANDES
There’s also news in Chile’s foreign exchange market, where
the dollar stood at roughly 620 pesos when I arrived at the end of January,
then rose upwards of 640 before recently returning to the 620 level. This
contrasts, however, with the rate of 540 pesos a year ago, so that Chile has
actually gotten a bit cheaper (unlike in Argentina, inflation remains low).
Also, in Chile, there’s no parallel market, so you can withdraw from ATMs
without an exchange rate penalty (preferably BancoEstado,
with very low user charges).