Government to pay electricity in pesos to save $300 million a year

From March 1, payments to electricity generators in the "spot" modality will be reduced to almost half and they will be in pesos, the same currency to be used for the binational hydroelectric plants rather than dollar, according to the resolution of the Secretariat of Energy published today in the Official Gazette. With this so-called 'pesification' step, the government expects to save $300 million per year and "regulate the tariff restructuring of the energy system with a distributive, equity, and productive sustainability criteria", says the resolution.

Uruguay says Argentina will review 30% ‘tourism tax’

Uruguayan President Tabaré Vázquez said that Argentina’s Tourism Minister has committed to reviewing a 30% “tourism tax” applied when travellers from the country pay for goods and services abroad in U.S. dollars. The tax applies to all such expenses incurred when using credit cards outside of the country and has hit traditional Argentine Southern hemisphere summer holiday destinations like its smaller neighbour Uruguay.