The peso isn't."Ĭarrie Kahn, NPR News, Buenos Aires. KAHN: "Simply," she says, "because the dollar is stable. She's a real estate broker, and she says she doesn't accept pesos. On Florida Street, there is no limit, and that's critical if you're doing business with Denise Ardjian. Officially, Argentines are limited to changing the equivalent of $200 a month. KAHN: Cambio exchange, they call out, not very loudly. While a couple dances the tango for tourist tips, you can hear the money changers too. KAHN: On downtown's Florida Street, the dollar is dominant. (SOUNDBITE OF CARLOS GARDEL SONG, "EL CHOCLO") Successive governments, both left and right, have failed at economic policies and, in the end, resort to printing more money, which leads to higher inflation.
Nearly 40% of Argentines now live in poverty. KAHN: And it's an economy that is exacerbating inequality. Most big economic transactions are done in dollars. KERNER: The peso exists, but people think in dollars. KAHN: Daniel Kerner is an analyst with the political risk Eurasia Group. Many Argentines flew to Qatar for this year's World Cup.ĭANIEL KERNER: The population doesn't really trust or have any confidence on its own currency. Blue refers to the black-market rate, about three times the official one, and the Qatari rate is the tax on airline tickets. In its attempts to curb inflation, the government of leftist President Alberto Fernandez has capped prices and taxed others, especially transactions in dollars. KAHN: "There are different rates, like the blue one and the Qatari rate," she says, shaking her head. She says it's all stressful, especially keeping track of all the new taxes and exchange rates levied by the government. She knows she's better off than most, but, she says, you never know how much your electricity bill will be or how much her kids' school tuition will go up. KAHN: The 41-year-old mother of two grabs a coffee with her kids at a sidewalk cafe.
Shanira Sason says she dreads the end of the month when her bills come due. We understand what the people are going through," he adds. But the 51-year-old says he's not so sure he'll survive triple-digit inflation.
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