The Argentine government reinstated a special decree for soybeans and their derivatives that enables agro-exporters to obtain an exchange rate higher than the official one to encourage them to liquidate their currencies.
“The Export Increase Program created by Decree No. 576 of September 4, 2022, should be restored in an extraordinary and transitory manner,” according to Decree 443, published in the Official Gazette.
The Argentine government re-established the so-called “soybean dollar,” hoping to increase the reserves of the Central Bank (BCRA).
The Decree established that 75% of the foreign currency would be settled at the official wholesale exchange rate, which the government set at 350 pesos per dollar until after the general elections on October 22.
According to the decree, “the remaining 25% will be freely available,” which means that it is negotiated at the financial exchange rate called “cash with settlement,” which on September 5 trades around 750 pesos per dollar.
The fifth edition of this initiative, promoted by the Minister of Economy and candidate of the ruling party to the presidency, Sergio Massa, will be able to join all the agro-exporters that had sales abroad during the last 18 months.
