The government is considering new measures to raise dollars by the end of the year. After the Central Bank has accumulated close 5 billion dollars in purchases for the “soy dollar”, the Ministry of Economy has begun to plan the next steps of what it could be phase 2, facing a period with a lower supply of agricultural money and in which it will be necessary to “take care” of every dollar entered, as anticipated on Friday by Sergio Massa.
One of the alternatives being studied is to implement a “tool” similar to an incentive received from soybean exporters to increase clearance of foreign currencies from the rest of the crops, but as part of a one- or two-step, quota-based bidding scheme. “We are studying bidding operations in the amount of dollars “, Massa suggested last week to the leadership of the CAME, according to sources present at the meeting.
In this way, the government would have a greater control over operations and would fix the volume of foreign exchange in advance which could be set at a higher value than the official one, close to the $ 200 received by soybean growers. The scheme would cover cereals, regional economies and could include other products. This is also assured by other businessmen who have maintained contact with the minister in the last few hours there will be changes in retentions.
In the official offices they acknowledge that they are working on announcements for regional economies and grants for the purchase of seeds and fertilizers from small and medium-sized producers who did not participate in the soybean dollar. But they deny a measure of exchange: “Not another dollar, 92% of soy is exported, has little or no impact on the internal market, the other cereals have no withholdings and affect the internal market”.
The Mass plan to acquire foreign currency includes the announcement scheduled for this Monday Tax breaks and access to foreign exchange for the technology sector increase exports of these services. While, on the other hand, waiting for the second disbursement income of $ 3.8 billion from the IMF, which could be overturned over the weekend after board clearance next Friday, e $ 1.2 billion from the IDB.
On the dollar demand side, the minister will announce this Tuesday a scheme cwith more controls on imports. Although it was announced that CUIT 21,000 will be released by importers of goods less than US $ 2 million, industrialists fear a tightening of the AFIP and Customs by the fiscal side of the companies that apply for import permits. Massa has aimed against those who “cheated” and obtained precautionary measures.
They are also expected multiple hurdles and quotas on a consumer or luxury goods list. “I don’t think there is any kind of restriction, in any case the regulatory system has to do with changing the tariff positions that are with automatic licenses, they can switch to non-automatic licenses”, confirmed by the Ministry of Internal Trade.
The end of the “soybean dollar” for economists foresees greater difficulties. “To make matters worse, the economic cabinet knows that with this type of exchange and this type of regime, the macro can only get worse in 6 months. Above 100% inflation, a correction of the official dollar exchange rate will have to be carried out or the current exchange rate regime towards one of the multiple quotes (even more) to get rid of the burden, “said LCG.
Source: Clarin
