The economic team had been analyzing alternatives to stimulate soybean sales. It is that, despite the record liquidation of agrodollars driven by the high prices of commodities in the context of the war in Ukraine, at this time of year officials observe a delay in exports of the oilseed measured in quantities. This delay is equivalent to some US$2.5 billion, according to the president of the BCRA, Miguel Pesce, days ago.
The entry of these currencies and the deployment of a fine tuning in the administration of purchases abroad that allows imports to slow down (which in May set a record by exceeding US $ 7,800 million) constitute the main bets to put on track the complicated process of accumulation of reserves towards the fulfillment of the annual goal. The deal with the International Monetary Fund sets a net holdings growth target of $5.8bn by 2022.
The condition established in the fixed installments for farmers is that the amount does not exceed up to twice the total value of the sales registered this year. With yesterday’s decision, the BCRA ordered that “the renewal of those term investments existing to date be admitted for up to the amount to be collected at maturity without taking into account that limit in order to maintain the incentive to sell the harvest”.
In addition, the board of directors of the Central decided to raise the amount for access to financing in pesos for agro-export companies, destined for purchase for export, to $15,000 million when the controllers are residents in the country.
Along the same lines, on Wednesday Banco Nación had relaunched the investment option in dollar-linked fixed-term deposits for the agricultural sector. In the case of the BNA tool, the capital to be invested is in pesos, tied to the dollar, and the placement period has a minimum of 60 days and a maximum of up to 370 days. The minimum amount is $1,500 and the maximum amount is $500 million, and cannot exceed twice the total sales of the deposit holder, in grains or oilseeds, registered as of November 1, 2019.
Source: Ambito
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