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Argentina’s unofficial exchange rate plummets as “tourism tax” returns

direct: The unofficial exchange rate in Argentina fell at the largest pace in two weeks during Monday’s trading after the government announced the return of the so-called “tourism tax”.

The unofficial exchange rate for Argentina, which is derived from the peso trade and dollar denominated assets, fell by 3.1 percent to 76.27 pesos per dollar, the biggest drop since December 4, according to Bloomberg.

Prime Minister “Santiago Cavero” said in statements to the Argentine newspaper “La Nacion” that the government will return again “to the” tourist dollar “fees as it will impose taxes on transactions in foreign currency, including international flights and digital services such as” Netflix “and purchases Made abroad with credit cards.

The tax, which could reach 30 percent, is intended to help increase revenues and protect foreign reserves.

Argentina was Currency controls were imposed In an attempt to stop capital flight and stabilize financial markets.

By 7:40 pm GMT, the Argentine peso stabilized against the dollar at the level of 59.815 pesos.

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