The blue peso or blue dollar is the name given to the United States currency in the parallel or illegal market in the Argentine Republic.
As in other countries, Argentina, due to the 2001 financial crisis (corralito) and successive macroeconomic difficulties, annulled the convertibility of the Argentine peso and limited the exchange and transactions in dollars . In this sense, an illegal or parallel convertibility market appeared, which triggered inflation and devalued the peso, due to its uselessness to acquire goods and services. The name of peso blue comes from the English blue which is also related to the black or black market.
What are the consequences of situations like this?
Derived from this circumstance, situations appear in which on the one hand official inflation data is offered, low and controlled, since the exchange rate is fixed, convertibility is prohibited and there are currency restrictions, both inside and outside the country.
On the other side, there are unofficial but real data of a soaring and uncontrolled inflation , since the appearance of another currency with high demand causes it to skyrocket, its opposite is devalued and it is increasingly expensive to acquire products and services , since it is directly proportional to the difficulty of accessing money.
Where do these situations occur?
This situation occurs in countries that freeze the exchange rate at a fixed and stable, but not real one, which gives rise to black market situations of foreign exchange. When the governments of these countries prevent convertibility to the dollar and establish strong restrictions on the purchase of these, alternative markets for the purchase and sale of foreign currency appear , in such a way that parallel monetary systems originate.
On the one hand, the official system derived from government decisions, but nothing useful or true to reality; and on the other, a more flexible and free market in which currency is exchanged illegally, at high exchange rates and commissions, and which create the informal but real market, since it is the only way to access international currency, bypassing restrictions. and be able to buy products