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qatar to usd | Qatari dollars and Coldplay: Argentina depreciates its currency sector by sector

To limit access to foreign cash, the South American nation currently uses more qatar to usd than a dozen separate exchange rates.

Although the peso (ARS) is the official currency of Argentina, the Central Bank constantly monitors the US dollar (USD) in order to prudently manage the country’s foreign exchange reserves. qatar to usd However, the ARS-USD exchange rate is also used to determine the overall health of the national economy.

As a result of numerous fiscal crises in the past, Argentines are now so hypersensitive that any significant depreciation of the peso is taken as a sign that things aren’t going well and may soon get much worse.

The official peg of the peso by the government of President Alberto Fernández is 151.34 ARS to 1 USD (as of October 13, 2022).

But due to the fact that Economy Minister Sergio Massa has created and implemented a strategy to depreciate the peso by economic sectors, dollar purchases have been limited to the point where nearly no one can get the official exchange rate.

Massa adopted a “soy dollar” in September that set a 200 ARS to 1 USD exchange rate for soy exports alone in order to protect USD reserves. Early in October, a “tech dollar” exchange rate for the high-tech sector was announced. The “Coldplay dollar” and the “Qatar dollar” were introduced a week later.

more costly concert events

This month, the British pop band Coldplay has 10 gigs booked in Argentina. Local concert producers will have to pay qatar to usd the band in “Coldplay dollars,” which is the preferred currency for compensating out-of-country performers: 204 ARS to 1 USD.

In Argentina, the price of admission to concerts and music festivals featuring foreign acts has increased. For instance, a season pass for all of the 2023 Lollapalooza performances will cost $280 (57,500 pesos), which is greater than the 54,550 peso minimum salary.

The World Cup will begin there in late November, and the currency is known as the “Qatar dollar.” Tourists from Argentina who wish to go overseas will feel the effects of this exceptional exchange rate in their wallets.

qatar to usd They will pay a higher tax rate on purchases made using credit and debit cards if they spend more than $300 per month qatar to usd outside of the country. Recent increases in this tourist dollar conversion rate from 257 to 314 pesos for one US dollar.

The Fernández government is taking this action to prevent foreigners from travelling and shopping in order to cut down on the $500 million in monthly losses from outbound tourism as well as the nation’s balance of payments imbalance (excess demand for foreign currency).

Prior to the establishment of this special exchange rate, event planners could only receive foreign currency for a maximum of 180 days at the official rate, which indicates a devaluation given the peso’s gradual but persistent depreciation and growing inflation, which is already close to 80% year-over-year.

Last but not least, the government has announced a conversion rate of 300 ARS to 1 USD for high-end items bought overseas, in addition to an additional 25% personal property qatar to usd tax on top of all other taxes like the PAIS tax on digital service consumption and the 45% income tax.

The new exchange rate and levies, which are intended to restrict imports of commodities not utilised in domestic manufacturing, include a variety of goods, including aircraft, recreational boats, precious stones, opulent watches, and gambling machines.

Public revenue administrator Carlos Castagneto made the following comment to the media: “We want to save monies required qatar to usd for investment and not utilise them in wasteful leaks.” Argentina currently has at least 14 separate exchange rates, each with unique values and taxes, as a result of the most recent pronouncements.

The opposition party’s candidate for mayor of Buenos Aires, Horacio Rodrguez Larreta, admitted, “I’ve lost track of all the dollar conversion rates.” Many Argentineans agree with this viewpoint.

“It’s hard to invest in Argentina if you don’t know qatar to usd whether you need the Coldplay or Qatar dollar,” Rodrguez said as he chastised the Fernández administration for improvising its economic policies. We need a long-term vision, therefore I believe we need to move rapidly and show everyone where we’re going.

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