In a new control measure for the purchase of foreign currency in Argentina, the Central Bank (BCRA) today prohibited buying dollars from companies that operated the so-called “soybean dollar”. According to a press release from the entity, “Economic agents that have sold soybeans under the Export Increase Program will not be able to access the foreign exchange market for purchases of foreign currency, nor carry out operations with titles and securities with settlement in foreign currency.”. Shortly thereafter, the BCRA issued a new Communication, “A” 7610, to clarify that it did not include individuals: “The provisions disclosed by Communication “A” 7609 are not applicable to human persons”.
It is known as “soybean dollar” still exchange rate of 200 Argentine pesos per dollar, but it is only available for producers of that oilseed at the time of liquidating currencies within the framework of the Export Increase Program implemented by the national government with the aim of reinforcing international reserves. Before this new regulation, producers received ARS 140 (official sales exchange rate, established by the government) for each dollar that entered the country as a result of soybean exports. They even received adollar” even less, if you take into account the withholdings on exports: in the sector they calculate that the dollar was left at 90 Argentine pesos.
From the Government they maintain that, Although the producing sector sells the harvest in pesos to exporters, industry or collectors, it is benefited by the dollar at ARS 200, because said differential exchange rate “is reflected in the price of a ton of soybeans in the markets”.
In addition to the restriction on the purchase of foreign currency, days after launching the system, the BCRA ordered that producers who sold soybeans through the dollar will have a “minimum rate” to take any kind of credit in the banks, which would be equal to 120% of the rate set for the Leliq (BCRA liquidity bills). The BCRA’s strategy was to make credit more expensive so that the beneficiaries of the special dollar are encouraged to liquidate.
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