Until now, the agro-exporters had a period of 15 days to enter the dollars obtained from exports in the foreign exchange market from the time the shipments are agreed. The intention is to make the possibility of keeping dollars within the financial system more attractive without the obligation to liquidate them at the official exchange rate, or at the “soybean” dollar implemented by Silvina Batakis before being replaced by Massa in the Ministry of Economy.
country dollars
In this way, the national government would be able to access a cushion of dollars from agro-exporters and producers who delay the sale of crops, speculating on a possible devaluation of the peso or a reduction in withholdings. This year there would still be about 14,000 million dollars from soybean exports and about 6,000 million dollars from the sale of cereals that would only be available from December when the wheat and sorghum harvest begins.
If the measure prospers, which should be applied through a new provision of the Central Bank that enables the agro-export sector to maintain the position in dollars without a peremptory term of 15 days to liquidate the currencies, the financial system could access an increase in liquidity in dollars of approximately 20,000 million dollars.
The simplification of the procedures for cereal producers to access the new soybean liquidation regime is one of the measures on which the Central Bank is working, and which will be taken to the meeting scheduled for tomorrow with the Liaison Table, as anticipated today the appointed Secretary of Agriculture, Juan José Bahillo.
“It is being thought that in the circular of about ten days ago, which proposes a 30% scheme that can be settled and maintained in dollars, improve the settlement process for producer access to that system, make it more direct and eliminate some steps that were not attractive to the producer,” Bahillo said this morning in statements to El Destape Radio.
The appointed Secretary of Agriculture added that “the Central Bank is working in this direction to respond to the request of the sector.” In turn, Bahillo reiterated that agriculture is a “strategic, important sector” that “in the interior of the country is one of the mainstays” of the economies.
“It is also necessary to generate a broader work agenda that takes into account the regional economies; look at the chains, incorporate everything that is science and technology to produce more with less impact, and develop foreign markets,” he said in the interview. He also clarified that the agreements announced last night by the Minister of the Economy, Sergio Massa, which will result in export earnings of US$5 billion, were signed with “various sectors: agro-exporters, mining and fishing”; and that they are for “dollar income to have future imports, within a period of 60 to 90 days.”
“This will give solvency to the reserves and will generate the necessary macroeconomic predictability conditions to continue investing in our country, and continue to maintain the level of activity that all sectors of the Argentine economy are experiencing,” added Bahillo. He also said that the Liaison Table has among its main proposals “a greater competitiveness of the dollar”, which is achieved “with a retouch in the exchange rate that is not foreseen or a modification of the withholdings”.
“They are also raising conditions of macroeconomic predictability and stability,” he said, while adding that “the first thing is to clear the horizon of all these issues that cloud decision-making.” He considered that the task is “to generate calm so that there are no shocks in the indicators and that the producer makes the decision (to liquidate) knowing that he will not regret it next week,” concluded Bahillo.
Source: Ambito
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