Dólar MUC
The MUC dollar (Spanish: Dólar de Mercado Único de Cambio; Dólar MUC) was an artificial currency that circulated in Peru since October 1977 controlled by the Central Reserve Bank of Peru[1] by order of the government of Francisco Morales Bermúdez, through Law No. 21,953.[2] Its purpose was to encourage national investments, avoiding import controls,[1] through a model where the state bought dollars at the open market exchange rate, assuming a part of this purchase cost (subsidy), and finally sold it at a lower price to national businessmen, who, in turn, should use it exclusively to invest in their industries and thus strengthen national production.[2] It was ultimately no different than the regular U.S. dollar at an accessible price.[2]
Between 1978 and 1986, the difference between the price of the MUC dollar and that of the free market did not exceed 10%.[2] Due to the country's hyperinflation, however, businessmen stopped trusting the national economy and began to use the MUC dollar in their personal accounts, which increased the instability and generated a sharp decrease in the country's international reserves.[3]
On August 8, 1990, reforms were announced by then Prime Minister, Juan Carlos Hurtado Miller, which eliminated the single exchange market and thus, eliminated the currency named after it.[2]
A similar currency is the more expensive Dólar blue (also known as the Dólar negro), which started circulating in Argentina in 2011 as a result of the country's economic crisis. Unlike the Peruvian artificial currency, the Argentine currency is a part of the country's black market.[2] Similarly, the informal Ocoña dollar circulated in the 1990s.[4]
See also
References
- ^ a b Rojas, Jorge (1996). Las políticas comerciales y cambiarias en el Perú, 1960-1995 (in Spanish). Lima: Fondo Editorial PUCP. p. 145. ISBN 978-9972-42-060-3.
- ^ a b c d e f Garvan, Maricelo (2019-09-05). "Dólar MUC y blue: ¿Cuándo circularon en el Perú y Argentina, respectivamente?". El Comercio.
- ^ Landa, Rodrigo (2023-07-04). "¿Qué era el dólar MUC y por qué desapareció de la economía peruana?". La República.
- ^ Martínez Martínez, Julian (1990-01-14). "El 'dolar' de Ocoña". El País.