Free Trial

No Exports Deal Reached in Brazil, Special FX Rate For Farmers

  • According to Bloomberg, Brazil’s finance minister Fernando Haddad had expected his Argentina counterpart, Sergio Massa, to agree to use yuan reserves to guarantee payments to Brazilian exporters. However, Massa proposed involving guarantees (up to USD600mn) offered by CAF. The Caracas-based Development Bank is studying the plan and should decide by Sept. 14. Haddad reinforced that Brazil’s initial offer involving the yuan reserves still stands.
  • Argentina will try to get farmers to sell their soy harvests in September by implementing a special temporary forex rate, according to crop export and processing group Ciara-Cec. The measure would imply a better forex rate since 75% of revenues would be at the official FX of ~350 pesos/dollar, and the other 25% could be sold on parallel markets trading at more than 700 pesos/dollar.
  • Argentina’s main opposition candidate, Patricia Bullrich, said economist Carlos Melconian would be her economy minister, if she wins the coming election (La Nacion).

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.