The amount of debt will reach “up to the nominal value in US dollars necessary to cover the difference in assets incurred by the BCRA due to the operations of decree 576/2022”, in accordance with the provisions.
Through this decree, the Government created the “Export Increase Program” and arranged to grant a special exchange rate of $200 for soybean producers, valid until the 30th of this month.
To compensate for this measure, The Letter will have an issue date of September 30, 2022 and an expiration date of September 30, 2032; The form of placement will be direct to the BCRA, within the framework of what is established in the decree, while the amortization will be full at maturity.
This instrument will accrue interest, payable semi-annually, based on the interest rate accrued by the BCRA’s international reserves for the same period, applied to the amount of capital placed, according to the resolution.
At the time of creating the Export Increase Program, the Executive Branch considered that the increase in foreign currency income “would help alleviate the negative impact on local imports of the rise in fuel and energy prices that severely affects the availability of reserves “.
According to the chambers that group agro-export companies, the liquidation of foreign currency through the soybean dollar reached US$5.130 million, above the amount that the Government intended to reach. That figure was accumulated during the period between September 1 and 21, so the final result will be higher.
The CIARA-CEC business chambers highlighted that producers, collectors, cooperatives and the value chain as a whole “have shown once again that they are up to the task to react quickly, given the market conditions.”
Source: Ambito
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