The Minister of Economy, Sergio Massawill formally launch this week new measures in search of containing the bleeding of reserves in the central bank and that once contained they mean fresh dollars in the Argentine economy. Today out there, the dollar and inflation are two of the main concerns of the Government.
Massa will announce this week a differential exchange rate for agricultural exports. They will be a new version of the soybean dollarto which an extension to more sectors will be added, for which it was called in the market Agro Dollar. as far as he could tell Ambitthe date set for the officialization of the measure is this Wednesday.
What will the Soybean Dollar 3 and Agro Dollar be like?
The settlement window will be thirty days for soybeans and ninety days for regional economies. They aim to accelerate exports, strengthen reserves and improve collection. They are analyzing new changes in the import system and awaiting the arrival of more foreign currency from the multilateral credit organizations.
The drought came to aggravate the main problem that the Argentine economy has been suffering for a long time, the lack of dollars. The data released by the Chamber of the Oil Industry of the Argentine Republic is eloquent: In March 2023, foreign currency income from agriculture represented US$1,228 million, when a year earlier it had reached more than US$2,802 million.
To mitigate the impact of the poor harvest, Massa will announce this week an “agricultural dollar.” According to high sources from the Palacio de Hacienda to Ambitit is a differential exchange rate, which would be around $300.
It would be applied to soybeans, with a settlement window of thirty days and to the rest of the regional economies for ninety days. The expectation is that sales will accelerate in the second and third quarters. They expect “no less than US$4 billion” for soybeans and regional economies could attract an additional US$2 billion.
After a series of meetings between officials and the chambers that bring together the companies and producers in the sector, the announcement that Massa himself will lead is scheduled for this Wednesday.
One of the officials working on the measure told this medium that for sectors that have weight in the domestic market, “price and supply will be guaranteed.” He also pointed out that part of the incremental amount collected will be used to “compensate the most affected links in the value chain.”
At the same time, changes for imports are being worked on. “We want to simplify the scheme, today there are different perceptions and the idea is that this converges towards the same point,” explained an official close to Massa when asked by this medium, referring to the exchange rates that were established, for example, for hiring artists from abroad or tourism.
Source: Ambito
