In this edition, 75% of the currencies entered through this system must be settled in the official exchange market while the remaining 25% will be freely available.
The Government reestablished “in an extraordinary and temporary manner” the Export Increase Program (PIE) for soybeans, without a differential exchange rate but with the possibility that exporters have free availability of 25% of the foreign exchange that liquidate But what impact does this measure have on the dollar?
In this edition, 75% of the foreign exchange entered through this system must be settled in the official exchange market while the remaining 25% will be freely available. This involves several changes from previous programs. The most notable is that the government relaxes the obligation to liquidate 100% of the exports to the official exchange rate for him soybean complex, in an unlikely “concession” some time ago. All this means that the exchange rate will not be set by the government, since 25% can be sold to the CCL/MEP. Thus, the implicit exchange rate of the CCL at yesterday’s close would be close to $455, 30% above the official market exchange rate.
According to this morning’s report from Delphos Investmentthe changes give greater flexibility to the agro-exporters clearly and strongly reflecting the need to increase the liquidation of foreign currency by the soybean complex that continued to slow down after the August devaluation. The measure also implies that the Central Bank should not issue additional pesos as occurred in previous editions.
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In return, the Treasury will receive less collection from withholdings than if the scheme used in soybean dollars I, II and III were applied. “Likewise, it responds to the IMF’s repeated requests not to deepen the practices of multiple exchange rates. On the other hand, the supply of dollars in the CCL/MEP could increase in the short term, bringing greater calm to financial dollars,” the consultant concluded. .
In this way, with a drop in financial dollars, it could calm the “overshooting” that the blue is experiencing in recent weeks, decompressing the gap.
Source: Ambito
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