The ‘parallel’ dollar continues to rise and reached 8.75 pesos

March 21, 2013

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President Cristina Kirchner on Wednesday followed closely the progress of the exchange market and had contacts with the leading names in the economics of her government, after the ‘parallel’ dollar reached a record of 8.75 pesos.

Therefore, the Head of State met at the presidential residence in Olivos to the Central Bank Governor Mercedes Marco del Pont, with Economy Minister Hernan Lorenzino, official sources said.

Deputy Economy Minister Axel Kicillof and Interior Commerce Secretary Guillermo Moreno also participated in the meeting.

Unstoppable and pressured by strong demand, the dollar reached Wednesday in the parallel market a record high of 8.75 pesos and marked a breakthrough turn over 70 percent from the official value of the dollar, which closed stable to 5.10 pesos for sale.

With this new development, the price of the dollar in the informal sector rose 48 cents in one day, so the Argentine peso was devalued by almost ten percent.