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The director of the Central Bank, Agustín D’Attellis, has come out to defend the soybean dollar, the special and temporary tool announced by the body led by Miguel Ángel Pesce, to induce soy farmers to liquidate their crops. “We must improve the level of reserves”the official said specifying the scope of the instrument.
“It is part of the agreement with the IMF and is essential for the functioning of the macroeconomy and for reducing inflation,” added D’Attellis.
In dialogue with Radio Provincia, the director of the BRA indicated: “We are taking measures to protect a foreign exchange market that has a strong impact in terms of price transfer, especially in the food market, in a very fragile economic situation”.
D’Atellis explained that it is “A mechanism that seeks to bridge the gap that appeared in August in terms of accumulation of reserves”and clarified that “all the measures we are announcing have the consent of the main representatives of the Fronte di Tutti”.
This was explained by the director of the Central Bank “There is a need to import energy which adds to the skyrocketing price of the war”while there is “a slowdown in the entry of dollars into the market because producers are not liquidating their exports at the rate they used to”.
The Board of Directors of the Central Bank approved a tool on Tuesday to encourage producers to sell their soybean crop by August 31st.
In return, they will receive exchange coverage of up to 70% of the grain sales they make and, for the remaining 30%, the ability to purchase dollars at the official exchange rate plus COUNTRY tax and withholding taxes received by AFIP, at a “dollar saved” exchange rate.
The official clarified that the proposal includes the possibility of “depositing 70% of the pesos obtained from that settlement into a current account of any bank. They can get hold of the pesos whenever they want,” he commented.
In the meantime, he noticed it “With the remaining 30%, they can go back to the foreign exchange market and buy the savings dollar, which is $ 230“.
D’Attellis added that “this measure has a positive tax burden in terms of tax collection because when they liquidate in the official market they would pay the withholdings at the current rate, and when they return with 30% to buy dollars, they would pay the PAIS tax and prepayment of earnings.
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Source: Clarin
