The Argentine government has introduced two new dollar exchange rates, popularly known as Qatar and Coldplay, due to their functionality and applications.
two new exchange rates, popularly known as the “Qatar dollar” and “Coldplay dollar,” due to their functionality and applications.
The Qatar dollar rate will be applied to the purchases of luxury goods and services that go over the $300 mark made with credit cards outside or inside the country. The denomination is linked to the usage that many Argentines will make of this exchange rate to purchase airline tickets and pay for hotels in the upcoming Soccer World Cup, to be celebrated in Qatar.
This denomination includes a group of taxes that are already discouraging national and international tourism, according to Despegar, an Argentine online travel agency. The companyRecently announced measures further discourage Argentines from traveling due to high tax burdens. Added to the constant changes in rules, which continue to affect tourism, this new measure makes it more difficult for an industry that has not yet recovered from the enormous crisis of recent years.
Organizers will have now to pay a 30% tax over the official dollar exchange rate for any event introducing an international performer, such as Coldplay. This will also affect the pockets of consumers, who will have to pay more to attend these concerts. With the new denominations, there are currently more than 14 exchange rates for the dollar, depending on its usage. This goes against the recommendations of Kristalina Georgieva, managing director of the International Monetary Fund. When reviewing the second extended fund facility for Argentina, sheWhile targeted FX measures can temporarily support the balance of payments, they are not a substitute for sound macroeconomic policy.
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