The provisions that Sergio Massa is preparing in the next few hours will include from the new dollar for some exports and also for imports. The economy minister will make announcements this Wednesday afternoon with the aim of obtaining foreign currency to avoid a sudden devaluation. It would be called an export increase program.
An agreement with cereal companies to establish a minimum guaranteed liquidation for a period that will not exceed 45 days is said to be announced today. Later there would be a special exchange rate for transport services and external tourismas part of a broader scheme that contemplates the soy incentive worth close to $300 and amendments to the Penal Exchange Act.
Massa and his team are committed to implementing these changes starting this month, during the negotiations they held last week in Washington with the IMF. There, they agreed on a road map that includes applying a “differential” exchange rate between April and June for soybean and regional economies as well as some imports, and second, “improving” controls to limit irregularities, with the aim on services.
The IMF in the statement on Saturday mentioned the increase in the price of the dollar (crawling peg) and In the staff report, he pointed out that the peso is overvalued by between 10% and 25% against the dollar.
“Timely implementation of these measures will critically support the accumulation of reserves and associated program goals, although continued efforts to reduce biases over time will be needed,” the agency said in its latest staff report, where it acknowledged the limited effectiveness and even “adverse side effects” of the latest measures. , both to encourage foreign exchange income to prevent its exit.
The soy dollar schedule would run from April 8 to May 24. For the rest of the regional economies it will be between 8 April and 7 July. The economy will require — or so they say — that companies be in the Fair Pricing program.
Concerned about holding foreign currency from the first soybean dollar launched in September last year, the government made the dollar more expensive the following month for travel abroad. Thus, card purchases of US$300 added a 25% personal property account collection, resulting in the most expensive price on the market at US$435 (Qatar dollar). Surcharges have also been added to the purchase of luxury goods and recitals by foreign artists (Coldplay dollar).
Paying for streaming services, such as Netflix, Spotify and Google, however, is left with a 75% surcharge, which implies a similar dollar to the card ($385), if the spending limit is not exceeded. What is now reportedly being considered is for these services, along with Coldplay and Tecno dollars, to follow the foreign exchange “simplification route” that Massa has engaged with the IMF to unify the foreign exchange multiplicity in the mid-term. .
The diagnosis is that withholding taxes reduced purchases of travel currency in the official market from more than US$600 million between August and September to around US$300 million in November and December, despite the increase in the number of tourists . But the Fund also warns of this The measure widened the informal divide, as the rising tourist dollar made blue cheaper, now at $393.
On the other hand, the restrictions had a temporary impact on foreign exchange. Central Bank data show that there was a US$653 million deficit on services in February, driven by a net outflow of US$459 million for travel, tickets and other card payments, a lower level than in January. but higher than December. Goods and insurance follow, with 269 million dollars, another of the items in the sights of the authorities.
The other measure that left a bittersweet taste was the MEP’s dollar for foreign tourist card charges in the country, a change that was implemented in December by card operators. Although it allowed for the collection of additional and redirected $210 million from the blue to the MEP until January, “the measure also led to a widening of the informal exchange rate gap and reduced the entry of dollars into the foreign exchange market official,” the IMF said.
In Washington, the volume of imports is expected to drop sharply from 10% to -8% of GDP in 2023. Last week, the government added 26% taxes (VAT and profits) on foreign goods, extended the deadline to import at 90 days (SIRASE) and modified the formula of the Economic Financial Capacity (CEF) for new companies. Massa is preparing a foreign exchange criminal law reform bill for review in late May.
Source: Clarin
