The Government of Argentina reported Tuesday that the soybean exporting companies that are part of the so-called “Export Increase Program” (PIE) managed to liquidate more than US$1.2 billion for foreign sales of the oilseed, approaching the goal of the Executive towards the end of the year.
The liquidated figure was reached in the first seven days of the Program resumed on November 28 and whose objective is the liquidation of a minimum of US$3 billion until next December 31.
The soybean dollar, also known as the PIE, establishes a preferential exchange rate of 230 pesos per dollar as a stimulus measure for exporters, who have already managed to market more than 260,000 tonnes since the entry into force of the second stage of the program.
Of the total liquidation carried out to date, half was absorbed by the Central Bank of Argentina (BCRA), which bought some US$622 million in the last seven business days with the aim of increasing international reserves.
The Export Increase Program was resumed on November 28 after having a first edition, started in September, which allowed a foreign exchange settlement for the concept of soybean exports and derivatives for US$8.125 billion.
With information from Xinhua