Argentina announces special dollar exchange rate for soybean exports

Argentina’s Minister of Economy, Sergio Massa, announced a new soybean liquidation scheme at an exchange rate of ARS 200 per dollar that will be in force from September 5 until September 30, with which he expects US$5 billion to enter and US$1 billion in the first 72 hours.

“This program is voluntary adherence, is not mandatory, and starts on September 5. The objective is to put incentives on the table based on an effort made by the national State and recognition in the price for the producer in a simple, straightforward and transparent way,” Massa told reporters.

To date, there is a delay in the internal commercialization of soybean of almost six million tons compared to the same date last year, so Argentina’s government seeks to catch up with the creation of this tool.

“It is foreseen US$5 billion guaranteed settlement in September, of which US$1 billion will be settled in the first 72 hours and the opportunity that in this joint work between the state and the exporting sector we can move forward with a clear slate price,” expressed the head of the Treasury.

The initiative will be made official with a decree to be published in a few hours and will make possible a slate price for producers above ARS 70,000 per ton, which means a jump of around ARS 20,000 compared to the closing price on September 1.

With information from Sputnik