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Montevideo, November 30th 2022 - 16:49 UTC

 

 

Argentine Central Bank creates “agrodollar” to boost export liquidations

Wednesday, July 27th 2022 - 09:40 UTC
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The new scheme will become available until August 31 to cover the foreign exchange gap, Central Bank (BCRA) CEO Miguel Pesce explained The new scheme will become available until August 31 to cover the foreign exchange gap, Central Bank (BCRA) CEO Miguel Pesce explained

Argentina's monetary authorities Tuesday announced the creation of the “agrodollar,” a special exchange rate for agrifood exporters to liquidate their revenues through formal channels at an exchange rate closer to the parallel (“blue”) quotation.

The new scheme will become available until August 31 to cover the foreign exchange gap, Central Bank (BCRA) CEO Miguel Pesce explained.

The new financial instrument seeks to persuade agricultural producers to sell their soybean harvest, and be eligible for benefits similar to those granted to the manufacturing, energy, and knowledge industries.

According to the BCRA, the new mechanism “will allow producers to make a demand deposit in financial entities with a daily variable remuneration depending on the evolution of the A3500 exchange rate, known as Dólar Link, for up to 70% of the value of the sale of grains.”

For the remaining 30%, the Formation of Foreign Assets will be allowed, at the value of the official dollar plus the PAIS tax and the export taxes. In other words, exporters will get paid around AR$ 239.75 on the dollar until August 31.

“This decision of the BCRA seeks to balance agricultural producers with the benefits available to the different productive sectors, among them, the free availability of foreign currency for the increase in exports made with respect to the previous year that applies to the manufacturing industry; the Regime for the Promotion of Investment for Exports or the regime for the knowledge industry that allows applying part of the increase in exports to the payment of the wage bill,” the Central Bank said in a statement.

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  • Pugol-H

    Hummm

    AR$ 239.75 vs current dólar blue rate of AR$ 337.

    Oh and the official rate of AR$ 129.6.

    Or they start gaily slashing the storage bags the grain is kept in.

    Piss up, brewery, run one.

    Jul 27th, 2022 - 01:09 pm 0
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