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Argentina's Black Market for Pesos Is Going Dark

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By Fortune

No more cheaper pesos for tourists.

If you’ve been to Argentina in the past four years, you’ve found out that the best deal is to take your money in large bills and to change it illegally. Tourists from around the world have gotten more for their home currency thanks to Argentina’s booming black market, where pesos have typically traded for 30% less than the official rate. For Argentine citizens willing to accepting a lower rate in return for the perceived safety of dollars, the black market had become the only way to get around the government’s tight currency controls.

Now, all this is changing. Earlier this month, new Argentine President Mauricio Macri removed limits on... (Read More)