The objective is to decompress the tensions of recent days in the financial market. It would be the first time that the sector would seek the implementation of this measure, which, however, has already been applied in the past among grain exporters.
The Government negotiates early liquidation of crude oil exports with the purpose of decompressing the tensions that were evident in recent days in the financial market. The main oil producing companies in the country are currently holding talks with the small table of the Palacio de Hacienda to consider this possibility. In fact, it would be the first time that the sector would seek the implementation of this measure, which, however, has already been applied in the past among grain exporters.
The context is urgent. On the one hand, The BCRA sold US$80 million in the exchange market this Wednesday and marked its second negative balance in a row, after breaking a positive streak of 35 wheels on Tuesday, in which it managed to acquire US$1,655 million. For anotherthe informal exchange rate rose another $35 to $845after touching $850, while the dollar counted with liquidation crossed the $900 barrier.
As far as he could know Ambit from sources linked to the corporate sector, specifically companies that produce crude oil in the country, The idea is likely to prosper, although companies are holding talks to try to unblock some imports of inputs necessary to channel investment..
Dead Cow Dollar
The Government has just made official the launch of the Vaca Muerta dollar, valid until Friday, October 20of the program that provides for a differential exchange rate for exports from the hydrocarbon sector. This was provided through Resolution 808/2023 of the Ministry of Energy, which was published in the Official Gazette. The regulation provides for the extension of the Export Increase Program for crude oil exports carried out through cross-border pipelines. which was created through Decree 576/2022, for the implementation of the soy dollar 1, which was later renewed several times.
At the Palacio de Hacienda, the idea was to promote exports from the hydrocarbon sector, with a focus on the development of Vaca Muerta and the strengthening of the reserves of the Central Bank (BCRA). And, to such ends, An exchange rate is established that could be in the $500 area. The methodology applied is that of the soybean dollar 4, so, as in that case, it is contemplated that 75% of the import settlements included in the Vaca Muerta dollar must be entered through the official exchange market (MULC) and 25%, through the Cash With Settlement (CCL) market.
Along these same lines, the Minister of Economy, Sergio Massaannounced the implementation of the “SME dollar”, an incentive in favor of small and medium-sized companies with the aim of increasing exports against liquidation. He did so within the framework of his presentation to businessmen in the Argentine Confederation of Medium Enterprises (CAME).
Source: Ambito
