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/biz/ - Business & Finance

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10764734 No.10764734 [Reply] [Original]

https://www.usatoday.com/story/news/world/2013/10/21/venezuela-flights/3012803/

So 5 years ago Venezuelans discovered they could make free 700% returns over and over again by buying USD from their government at a terrible rate, traveling abroad, and then selling the USD for much more in their Venezuelan currency before returning home and repeating the process.

What's the equivalent of this kind of thing that we could do right now?
And is it worth buying Venezuelan currency right now?

>> No.10764746

>>10764734
that is called arbitrage

>> No.10764762

Fly to Turkey and borrow Lira from a bank
Convert Lira to Dollars and fly home
Wait until loan is due
Convert 10% of your Dollars back to Lira
Pay off interest and principal

>> No.10764766

>>10764746
I know. I made a decent fortune doing this with a different currency last year.

Scratch what I said about asking to buy Venezuelan currency right now. That was dumb. But what other situations are like this now?

>> No.10764773

>>10764762
What kind of fucking bank sets their interest rates lower than inflation?

>> No.10764921

>>10764734
>Buying Venezuelan currency
It's a dead coin, mate. It will never recover.