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Parallel dollar price falls in Argentina after new foreign exchange measures for soy sector

, Parallel dollar price falls in Argentina after new foreign exchange measures for soy sector

The price of the parallel dollar in Argentina registered a sharp drop of 5.5 percent (Monday) after the latest government measure aimed at accelerating the liquidation of foreign exchange from the agricultural export sector for soybeans.

The “blue dollar” fell as much as 16 pesos on the first trading day of the week, closing at 270 pesos apiece for public sale.

Blue dollar in Argentina. (Photo internet reproduction)
Blue dollar in Argentina. (Photo internet reproduction)

The currency’s value in the official segment closed this Monday at 147.05 pesos per unit in the retail market, narrowing the difference with the quotation in the informal market (exchange rate gap) to 83.6 percent.

The drop in the price of the U.S. currency followed the announcement the previous day by the Minister of Economy, Productive Development, Agriculture, Livestock and Fisheries, Sergio Massa, who set a price for the liquidation of soybean exports of 200 pesos per dollar.

The measure of the voluntary commitment of oilseed exporters entered into force on Monday and will run until September 30.

Moreover, it covers not only the export of soybeans but also all exportable derivatives of the oilseed, such as flour, oil, and pellets.

 

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