Argentine Peso Devaluation Deepens With “Brick Rates” Reaching $10

Patrick Archer average prices, real estate

Argentine peso devaluation accelerated this week with the ARS posting its largest one-day decline in a decade yesterday falling 3.5% to 7.14 pesos per US dollar, and unofficial rates like the Blue and the Brick are following suit.

Just two months ago the Brick dollar, the intermediate rate often used for real estate transactions, was trading between $7.70 for new properties and $8.30 for existing properties. Now the Brick rate has risen to $10 and will soon rise to $11, writes Matias Bonelli in today’s Cronista.

We don’t have any reason to think that something in the market is going to change, and the will determine the exchange rate of the dollar, official or not, it’s going to go higher,” says the president of the Argentina Real Estate Chamber.

Just like the Brick, the Blue rate has also risen dramatically over the past 60 days. The Blue rate, which was $9.41 on November 21, closed yesterday at $12.15. (Full Story in Spanish)

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