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The Board of Directors of the Central Bank of the Argentine Republic has approved a new tool for agricultural producers who sell their soybean crop. It’s a special quote to encourage the liquidation which is located at the values of this Tuesday around $ 162.70.
The special regime for the liquidation of cereals, official sources specify, aims to “recognize the value in foreign currency of the activity (soy in this case)”, also trying to “eliminate the uncertainty about a devaluation”.
For the BCRA it means the possibility of anticipate income in foreign currency to the economy with a neutral economic equilibrium, as it manages the value of the A3500 dollar in which deposits can be made.
In this case, manufacturers will be able to perform a Storage on sight in financial entities with variable daily remuneration based on the evolution of the A3500 exchange rate, so-called Dollar linkup to 70% of the value of grain sales.
Furthermore, for the remaining 30%, the Formation of Foreign Activities will be allowed, at the value of the official dollar. plus national tax and withholding taxes received by AFIP.
According to the body led by Miguel Ángel Pesce, “this BCRA decision seeks to balance agricultural producers with the benefits available to the various production sectors”.
And he listed “among these” “the free availability of currency due to the increase in exports achieved compared to the previous year which applies to the manufacturing industry; the Regime for the Promotion of Investments for Export or the Regime for Industry Knowledge which allows you to apply part of the increase in exports to the payment of the paycheck “.
In the case of the soybean crop sale scheme, it will be available until next August 31st.
Meanwhile, it has been specified that, in this period, producers will be able to purchase freely available foreign currency for 30% of the funds obtained from the sale of cereals for export and convert 70% into a freely available deposit with variable remuneration depending on the evolution of the official exchange rate.
In the past week had transcended that the government was considering offering the countryside a “soybean dollar”, higher than the official one, pressured by scarce reserves and the rush of exchange rates.
The lack of dollars in the coffers of the Central Bank and the exchange rate rush that brought the blue dollar to 340 pesos have triggered the search for solutions to be achieved. the field decides to settle more foreign currency.
Central Bank reserves are at very low levels and agricultural producers have spared soybeans which, at international value, represent no less than 10,000 million dollars.
This Monday, as part of the reopening of hotel number 6 of the 9 of the Chapadmalal tourist complex, Alberto Fernández accused the sector of trying to “speculate with a devaluation”.
“We managed to get up, we have grown up, we have difficulties and some continue to speculate on a devaluation to sell what they have to sell to bring in the dollars that allow Argentina to continue to produce, continue to provide jobs and continue to grow, “the president said.
And he added: “In very difficult times, where we fight against those who continue to believe that distribution should not be done in an egalitarian way, who continues to promote individualism, who they still believe in meritocracythose who keep saying ‘this is my chance to win and I have the right to win what I want even if the rest suffers’.
The President’s words were a reprint of similar statements made by him in recent days. IS reissue of the fight with the field led the K protesters to ask for a mobilization for next Saturday in La Rural, when the official inauguration of the agricultural and livestock exhibition will take place.
The complete press release from the Central Bank
The Board of Directors of the Central Bank of the Argentine Republic today approved a new tool for agricultural producers who sell their soybean crop, in line with the benefits received by the manufacturing, energy and knowledge industries that increase their exports.
In this case, producers will be able to make a sight deposit in financial institutions with variable daily remuneration based on the evolution of the A3500 exchange rate, known as the Link Dollar, up to 70% of the value of the grain sale.
Furthermore, for the remaining 30%, the Formation of External Assets will be allowed, at the value of the official dollar plus the PAIS tax and withholding taxes received by AFIP.
This BCRA decision seeks to balance agricultural producers with the benefits available to the various productive sectors, including the free availability of foreign currency for the increase in exports achieved compared to the previous year which applies to the manufacturing industry; the Export Investment Promotion Regime or the Knowledge Industry Regime which allows you to apply part of the increase in exports to the payment of wages.
In the case of the soybean crop sale scheme, it will be available until August 31st. During this period producers will be able to purchase freely available foreign currency for 30% of the funds obtained from the sale of cereals for export and convert 70% into a freely available deposit with variable remuneration based on the evolution of the type of official modify.
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Source: Clarin
