Buenos Aires – The Argentine peso continues to exhibit a complex exchange rate landscape, with significant disparities between official and unofficial rates as of Saturday, February 7, 2026. The “blue dollar,” traded in the informal market, closed at 1,415 pesos for purchase and 1,435 pesos for sale, according to operators in the city of Buenos Aires.
This parallel rate remains a key indicator of market sentiment and demand for US dollars, particularly as Argentinians navigate ongoing currency controls. The official wholesale dollar rate, used as a benchmark for market transactions, stood at 1,432 pesos on Saturday. The official retail rate, offered through Banco Nación (BNA), is currently 1,400 pesos for purchases and 1,450 pesos for sales.
Divergence in Exchange Rates
The gap between official and unofficial rates highlights the ongoing economic challenges facing Argentina. Beyond the blue dollar, the Contado con Liquidación (CCL) dollar – a method of acquiring dollars by purchasing Argentine bonds with pesos and then selling them in US dollars – traded at 1,488.04 pesos, representing a 3.9% difference from the official rate. The Mercado de Permutas (MEP) dollar, another mechanism for accessing US dollars, was at 1,447 pesos, a 1.1% gap from the official rate.
The “dólar tarjeta” or tourist dollar, which includes a 30% surcharge on the official rate, reached 1,885 pesos. This rate applies to purchases made with credit and debit cards used for international transactions, effectively increasing the cost for Argentinians traveling abroad or making purchases in foreign currencies.
The Rise of Crypto as an Alternative
The fluctuating peso and restricted access to US dollars have also fueled interest in cryptocurrencies as an alternative store of value. The “dólar cripto,” or Bitcoin dollar, traded at 1,487.78 pesos on Saturday, according to Bitso. Bitcoin itself was trading at approximately $69,345, as reported by Binance. This increasing correlation between the Argentine peso and cryptocurrency prices underscores the growing role of digital assets in the country’s financial system.
Context: A History of Currency Controls
The existence of a significant “blue dollar” rate is a direct consequence of Argentina’s long-standing currency controls. Introduced in response to economic instability, these restrictions limit individuals’ and businesses’ access to US dollars at the official exchange rate. This has created a parallel market where dollars are traded at rates determined by supply and demand, often significantly higher than the official rate. The practice of exchanging currency in these informal “cuevas” (caves) – or more accurately, functioning businesses – remains common, despite being technically illegal.
The situation is further complicated by high inflation, which erodes the value of the peso and incentivizes Argentinians to seek refuge in US dollars. The multiple exchange rates – official, wholesale, blue dollar, CCL, MEP, and tourist dollar – create a complex system that is difficult for both locals and visitors to navigate. Many businesses, particularly in tourist areas, are willing to accept US dollars, sometimes even at rates close to the blue dollar, to attract customers and preserve the value of their earnings.
Implications for the Argentine Economy
The persistent gap between official and unofficial exchange rates reflects a lack of confidence in the Argentine peso and the government’s economic policies. It also creates distortions in the economy, making it difficult for businesses to plan and invest. The reliance on the blue dollar and cryptocurrencies as alternatives to the official currency highlights the limitations of the current system and the need for more sustainable economic policies.
The increasing popularity of the CCL and MEP dollars demonstrates a desire among Argentinians to access US dollars through legal, albeit complex, mechanisms. These rates are influenced by factors such as investor sentiment, global economic conditions, and government policies. The widening gap between these rates and the official rate signals growing concerns about the long-term stability of the Argentine economy.
The situation is being closely watched by international investors and financial institutions. Argentina’s ability to address its currency challenges and restore confidence in the peso will be crucial for attracting foreign investment and achieving sustainable economic growth. The interplay between the official exchange rates, the blue dollar, and the growing crypto market will continue to shape the economic landscape in Argentina in the coming months.
