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New Exchange Rate for Soy Farmers, Officials To Meet IMF

ARGENTINA
  • Today marks the launch of another differentiated exchange rate for soybean exporters, intended to help shore up central bank reserves but that has been previously criticized by the IMF.
    • The new exchange rate will be 230 pesos per dollar, 28% weaker than the current official rate (166 per dollar). The measure will remain in place until December 30 and includes an agreement from the sector to sell $3 billion in this period, according to the Economy Ministry.
  • Separately, government officials are travelling to Washington to meet IMF staff between today and next Thursday. The team includes Leonardo Madcur, Gabriel Rubinstein, Raul Rigo and a representative of the central bank.

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