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Argentina’s emerging Coldplay dollar

While inflation is increasing, several parallel markets of dollar exchange have emerged in Argentina. In addition to the official dollar or the Blue dollar, an unprecedented phenomenon has been ongoing for weeks: the emergence of the Coldplay dollar.

Samia Tawil

By Samia Tawil08 décembre 2022

The Coldplay dollar refers to the exchange rate that has officially applied since 14 October 2022 to tickets for Coldplay's ten concerts in Buenos Aires (Shutterstock)

As flights to Argentina have resumed, the country is experiencing an unprecedented emergence of domestic tourism or from neighboring countries such as Uruguay, Brazil and Bolivia. Building on this observation, the capital is multiplying events of scale, answering the need for tourism, for too long slowed down, in need of lightness and entertainment. The huge Lollapalooza festival at the Hippodrome de San Isidro in the province of Buenos Aires almost matched the attendance of the giant Rock in Rio, and far surpassed North American festivals such as Burning Man. A form of entertainment that is measured in dollars. But which dollar?

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The birth of the Coldplay dollar

The Lollapalooza festival at the Hippodrome de San Isidro in the province of Buenos Aires (Clarìn)

For a while now, several parallel markets of dollar exchange have emerged in Argentina. In addition to the official dollar or the Blue dollar, which is a form of disguised black market, a new phenomenon has been occurring for a few weeks: the emergence of the Coldplay dollar. This British pop-rock band has taken the capital by storm with an ambitious series of ten concerts spread over two weeks at the Monumental Stadium. With 61,000 seats per night, no less than 600,000 people gathered to sing along to the famous hooks of the song "Sky full of stars" or the chorus of the airy "Paradise". This phenomenon, which has set the region abuzz, has even created a whole parallel economy around these shows, based on a dollar adjusted to the exchange rate required by the production of international groups. The Coldplay dollar is the exchange rate that has been officially applied since October 14, 2022 to tickets for Coldplay concerts, as well as for other international artists. With the peso now worth around R$200 to US$1, an additional 30% must be added. The reason: to maintain Argentina's attractiveness to international productions despite the devaluation of the peso.  The arrival of world stars of Hispanic or Latin music also encourages this trend. This is the case of Ricky Martin who arrived in force for three dates at 16,000 seats per night, at the end of November at the Movistar Arena.

The British pop-rock band has taken the capital by storm and is causing a stir in the region, even creating a whole parallel economy around its shows (Original TrigoGerardi)

New tourism that rejuvenates local economy

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