September 21, 2014
After second day on the marketWednesday, July 3, 2013
No CEDIN certificate sold yet
The CEDIN, a real estate and construction certificate of the federal government, passed its second day on the market without a major effect on the exchange rate of the “blue” dollar with 7.97 pesos its value on the illegal market, dropping only one cent compared to Monday. On the other hand, the official dollar stayed stable on 5.40 pesos.
CEDIN offers citizens a three-month tax amnesty to turn undeclared cash into payable certificates, without the requisite to specify origins.
Consultants asked by the Herald assured that so far no certificate have been sold and the “blue” dollar operations on the illegal market are slowly starting again, after almost a month of no sales due to pressures from the federal government.
Lowering the “blue” dollar rate is one of the objectives of the Kirchnerite administration. Domestic Trade Secretary Guillermo Moreno said in May that he wanted to see the black market rate at six pesos. The government’s general ambition is to improve general economic performance, bringing idle greenbacks back into circulation.
“Nobody knows what is going to happen. The word to describe this situation is uncertainty. I received a lot of inquiries about CEDIN but nobody bought any. The government hopes to lower the rate of the illegal dollar with these certificates but if they don’t achieve it, they will probably start pressuring the sellers of the black market again,” a financial analyst told the Herald.
Several websites, such as Cedin Trading and Cedin hoy, report the currency of the certificate every day. The unapplied CEDIN of U$S 100 carried a rate between U$S 89 and U$S 90. This leads to an average of 7.50 pesos per dollar CEDIN.
Herald with DyN, Télam