Argentine government announces implementation of agro dollar as of April

The Fernández Government announced yesterday, Thursday, the implementation of a different exchange rate scheme for the agricultural sector to strengthen the country’s international reserves during the second quarter.

“The measure will consist of a 30-day differential exchange rate for the soybean complex and a 90-day differential exchange rate for exports of goods from regional economies as of April”, said the Minister of Economy, Sergio Massa, from Washington, capital of the United States.

Massa affirmed that the “agro dollar” will seek to “strengthen in the second quarter the reserves and continue the stabilization path that Argentina has to follow”.

“It is a program to increase exports that intends to facilitate in the year of drought the capacity and the fulfillment of the contracts of our exporters, understanding the difficulties suffered by our producers”, said the minister.

The Argentine government expects an increase of US$15 billion in international reserves will be achieved after implementing the exchange scheme aimed at agriculture.

The new measure is an extended version of the “soy dollar” program implemented twice last year, which allowed soybean exporters access to a different exchange rate and contributed to the growth of the country’s reserves.

Minister Massa also anticipated that the intention is to simplify the dollar rates used to import products and services.

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