Buenos Aires has launched a campaign to attract digital nomads

The Argentine metropolis of Buenos Aires has launched a campaign to attract so-called digital nomads from abroad during the pandemic. The city attracts people whose work is not tied to a specific location, such as low living costs and a favorable exchange rate of the Argentine peso. The value of the local currency has fallen by about 75 percent in the last five years. Digital nomads are to compensate the Argentine capital for the loss of tourists caused by the pandemic. In its marketing campaign, Buenos Aires presents itself as an "ideal destination" for these people who like to travel and can work from anywhere. In cooperation with the Argentine government, the city is preparing an annual visa for working foreigners, in addition to the standard 90-day tourist visa. It mentions the low cost of living as one of the main attractions of the metropolis. With a link to the Numbeo database, which compares prices in cities around the world, Buenos Aires is named the third cheapest capital in America. For example, compared to Prague, life in the Argentine metropolis is almost a third cheaper, according to Numbea, while the average rent in a local apartment is more than half lower than in Prague. The Buenos Aires campaign also attracts foreigners to the "most advantageous exchange rate in the region". The value of the Argentine peso has been declining for a long time. According to unofficial exchange rates (official exchange rates artificially overvalue the local currency), about 20 pesos could be obtained for one US dollar three years ago, currently it is more than 200, writes the Bloomberg agency. The reason is the long-term economic problems of a country that has already gone bankrupt eight times in the past. The pandemic has exacerbated the situation, with the ninth state bankruptcy averted last summer when Argentina and its creditors agreed to restructure more than $ 65 billion in debt. Part of the receivables from the South American country were waived by creditors, and the maturity of the rest of the debt was extended. Argentina should emerge from the economic recession that has plagued it for the past three years this year. Economists contacted by the local central bank estimate that the Argentine economy will grow by 8.3 percent, the Minister of Economy Martin Guzman speaks of a 10 percent growth, which should be helped by the newly agreed support program from the International Monetary Fund.