> Uruguayans cross into Argentina to buy cheaper goods amid plunging peso / 33UB2FD
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Uruguayans cross into Argentina to buy cheaper goods amid plunging peso / 33UB2FD
Clip ID 2207086
Creator AFP
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Description
Tens of thousands of Uruguayans cross into Argentina daily to take advantage of the country’s currency crisis and buy goods at bargain prices compared to home. The phenomenon was exacerbated after Argentina's primary elections in August, when the government devalued the peso by about 20% in the face of intense pressure on the dollar, forcing the central bank to use its dwindling reserves to support the exchange rate.
In Argentina, where, unlike Uruguay, access to the foreign exchange market is restricted, the August election results widened the gap between the official dollar, the benchmark for pricing, and the parallel dollar traded on the black market. IMAGES AND SOUNDBITES ARRANGED IN SEQUENCES