Mon. Dec 9th, 2019

Argentine citizens doubt their savings due to the devaluation of the peso

Argentina lives on Tuesday, for the second consecutive day, pending how the peso evolves, which has been devalued relentlessly against the US dollar after the primary elections that last Sunday severely punished the management of the Government of Mauricio Macri.

In the center of Buenos Aires, several streets are known for agglutinating exchange houses that usually operate with tourists, although since yesterday they have seen their activity grow, among people who enter fearfully to buy or sell dollars and others who approach to follow the values that indicate the boards, the main protagonists of the national news.

The economy of the southern country, accustomed to uncertainty and the ups and downs, has its reflection in its citizens, that these days, while they are suspiciously following the latest data from the state-owned National Bank, they question what to do with their savings: keep them in the unstable currency local or look for another stronger currency.

Gabriel Kramarz, one of the many Argentines who stares at the exchange boards, says with laughter that he has no savings and that if he had them he would wait for prices to stabilize to convert them into dollars.

"I will buy (dollars) but not with these prices, I will wait if something goes down and buy cheaper," he told Efe.

Despite having lived for more than half a century in his native Argentina, he is still surprised by a unique economy because of its volatility.

"One thing that was unexpected, so much volatility of change and that the shares of Argentine companies fall so much … I don't know how this will continue. (…) I thought the dollar was going to rise but not so much, the political change to be important, "he added, and then predict that by October 27, the day of the first round of the presidential elections, the dollar will be about" 65 or 70 "pesos per unit.

While most doubt between pesos and dollars some citizens, more creative or traditional, bet on other routes.

"You have to wait until I clarify a little and continue saving on bricks as my father, an immigrant, taught me when he came to Argentina," Abel Matuisi told Efe, who says that next year a dollar can be exchanged for "100 pesos."

Most citizens, although they are scared, opt for optimism, knowing that the country has already emerged from many economic crises in its history.

"Hopefully it will stabilize and the situation will not fall apart," said Bernardo Maresca.

That Argentina is unstable is something latent for all those who are within its borders, regardless of whether they have lived a lifetime in the country or just a few years, as is the case of Juan Pablo Padilla, who arrived 8 years ago from Colombia .

"It has to go down (the price of the dollar) before the elections, what I am going to do is endure what I have and before the elections to buy again and wait for whatever God wants in the elections, it is a roulette, "he said.

Juan Pablo leaves one of the exchange houses accompanied by his mother, Rudesiela Mocaliano, who is a few days visiting the country, worried about the situation of his son, and is living on the other side of the situation: the devaluation of the peso is An attraction for tourists.

Work is one of the most recurrent recipes for the crisis situation.

"I am a worker like any other, and you have to put your shoulder like any day to gain weight and it is screwed for us," says Ramón Alfredo Ayala with a few words that perfectly summarize the feeling of a country that is left over experience in surviving the inclemencies of international markets.

Aitor Pereira

. (tagsToTranslate) Argentine citizens (t) (t) doubt (t) savings (t) devaluation

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