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by yeahsure 982 days ago
We have a similar situation in Argentina, with the exchange rate being around $350 pesos but the "black market" rate around $1,000.

The only way to get dollars at the official rate is to import goods from abroad, so you can pay the central back in pesos and they settle the invoice with dollars.

Of course, you can only do this if you have connections, otherwise you will be waiting for a long long time (months probably) until your request is approved.

EDIT: Forgot to mention that you can still use a local debit or credit card to make purchases abroad. You will have to pay around $650 pesos for each dollar. The government taxes the heck out of every purchase abroad to discourage people from spending. Still there's a gap, so people use it while they can.

1 comments

Western Union surprisingly gives the blue dollar rate here in Argentina so if you have access to a foreign bank account that is a decent way to do it. From what I can tell it tracks pretty closely to the rates on the “dólar hoy” website. On $500 transfers they charge $32.00 but you still come out ahead of the ATM or Credit Card conversion rates.