Argentina’s black market peso fell almost 8% against the dollar on Monday after a senior official flagged the return of a so-called tourism tax on spending in dollars, a move to help prop up the local peso and help fill drained state coffers. The peso was down 7.93% at 72.50 per U.S. dollar in the informal market, traders said.
Argentina’s government is sending to Congress a bill to be discussed on Thursday with an array of proposals to attend social and sanitary emergency, deal with pension and labour markets, utility bills, and taxes including overseas transactions and personal property, as new President Alberto Fernández seeks funds to salve a stalled economy, recession and rising poverty.
The new government of Argentina agreed with national and foreign laboratories an 8% reduction in the prices of medicines until next February, in the midst of a serious economic crisis. The pharmaceutical industry estimates that the market moves in the entire productive and commercial chain about $5 billion per year and the agreement would mean resigning about $32 million per month.