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Economy Minister Announces New FX Rate For Soy Exports

ARGENTINA
  • On Sunday, Argentina’s Economy Minister Sergio Massa announced a special exchange rate for the country’s soy producers in a bid to incentivize exports as well as increase central bank reserves in an attempt to avoid a currency devaluation.
  • Exporters of soy will be able to sell dollars from their shipments abroad at a rate of 200 pesos per dollar, more lucrative than the official rate of 139 per dollar, not including taxes. (Bloomberg)
  • Massa described the measure as allowing Argentina “to strengthen reserves, which is essential to overcome the stress that the economy has been suffering,” talking at a press conference with several agriculture business leaders in attendance.
  • Massa added that soy exporters have agreed with the government to sell at least $5 billion in September as well as $1 billion in the first 72 hours of the measure.
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