By Lindsay Campher Krasinski
So, you are thinking about teaching English in Argentina? Learning about financial practices - from banking to giving tips - is a basic part of moving abroad, and nowhere is that more of the case than in Argentina. Understanding the Blue Market is a must before you go and could help you get more out of your money and out of your experience teaching English in Latin America!
What is the Blue Market?
I’m an advisor, not an economist so I will try to make this article as simple and straight forward as I can.
Simply, the Blue Market is where you go in Buenos Aires to get the highest exchange rate for the foreign currency that you bring with you - in many countries, it might be considered the "black market." It's not technically legal or monitored by authorities, but it operates in the open and changing money in the Blue Market is considered routine.
The Argentinian Peso has fluctuated greatly in recent decades, and compared to the U.S. dollar, has lost approximately 90% of its value the past 10 years (officially). Argentinians have experienced their bank accounts worth go up and down on a financial roller coaster and the weakness of the peso in global markets has led Argentinians to value the American dollar over the Argentinian peso. Bottom line: people want U.S. dollars!