Update on Economic Progress

The political and business environment has changed dramatically for the better in the first six months of Maurcio Macri's presidency. Argentina now has a savvy, pro-business, president, and since he was sworn in December 10, 2015, he has made important and high-impact changes that prove he is serious about improving the economic and political environment that has been hurting the country since late 2011.
 
To begin with, Macri has removed the export taxes on beef and other agricultural products. He has eliminated capital controls to allow Argentinians to own foreign currencies, and to create one market-driven exchange rate. The current exchange rate has been stable in the 13.75 to 14.25 range the past few weeks. This has realigned the value of the AR peso with worldwide markets. Macri has also lifted some import restrictions (more to come), and he is actively pursuing foreign investment to reinvigorate nationwide development. Part of his effort to bring in foreign capital has already paid off in opening world credit markets that were previously closed.
 
Foreigners are once again being courted to invest in the country – in real estate, business, tourism, and most other sectors. Throughout the country this has brought about renewed hope and a swelling of optimism. So far this year in Mendoza we've seen more property transactions than in the last two years combined, and we expect to see upward movement in real estate prices and in tourism-related business as the year progresses—especially in tourism areas like Salta, Cafayate, Mendoza, Bariloche and San Martin de Los Andes.
 
Moving money in and out of the country is once again a straightforward transaction, with market driven value and simple transactions fees. Buying and selling property is also a straightforward process, with logical steps to follow, which SCA can explain in detail. Based on my experience during the recovery in 2003 from the “Correlito”, I am expecting to see a slow but steady increase in high-end property transactions this year, with that trend accelerating two to four years out.

Special Note: to travelers and visitors with foreign currency or credit cards on foreign banks. There is no more hassle exchanging your foreign currencies or wondering what the blue market rate is. There is only one exchange rate now, the official rate posted daily and banks and exchange houses. Any foreigner can exchange their foreign currencies (USD, Euros, Reales, etc.) at banks or exchange houses by presenting their passports. Simple as that. And foreigners can also use their credit cards at hotels, restaurants, shops, wherever credit cards are accepted, and you'll also receive the official rate when your bill arrives. This is a huge new convenience as you don't need to carry as much cash to receive the best exchange rate. Any questions about how to exchange money or use credit cards, please contact us.
 
Argentina still faces a number of challenges, the number one being inflation (35%+), but it is an amazingly resilient country, and has so much to offer its citizens and foreign visitors alike. Should be a very exciting year ahead.