The grain companies have promised to bring in $ 1,000 million in the next few days.
Desperate to capture dollars, the Central Bank will launch an incentive today a that cereal companies anticipate exports for at least 1 billion dollars in the next days. The measure announced at the beginning of August is part of the scheme planned by Sergio Massa for accelerate foreign exchange inflows and halt the decline in reserves.
The expectation is that the cereal deposit dollars in banks in special accounts for export advances and pre-financing. The incentive will be the “spread” or performance that will be paid above the rate for borrowing abroad, around 2.3% in dollars. The rate will be set in the Dollar Bills Auction (NODE) which takes place this Wednesday.
The idea is that the banks buy debt securities and in exchange to increase the gross reserves of the Central with the dollar funds of the exporters. Official sources confirmed to Clarín that the Central Bank will carry out the tender this Tuesday for the auction of bills, which can only be subscribed by financial institutions.
According to the legislation, only “group A” financial entities (Banco Galicia, Banco Nación, Banco Provincia, ICBC, Citibank BBVA Francés, Banco de Córdoba, Supervielle, Ciudad, Patagonia, Hipotecario, San Juan, Santander, HSBC, Credicoop, Itau, Macro, New Bank of Santa Fe).
To tempt grain farms, the Central Bank extended the deadline for inputting and clearing dollars for upfront payments and export pre-financing. Communication 7570 provides that businesses that settled more than $ 100 million in the year have up to 180 days, without the need to settle, when they previously had to settle within 5 days at the official exchange rate, now $ 135.
At the same time, the entity led by Miguel Pesce launched BCRA Internal Notes in US dollars which can be settled in that currency (NODO), including for a duration of 180 days, according to communication 7574 published on 5 August.
The idea was that the accounts would be put up for tender last week, but was delayed due to the clashes with grain companies and banks, as anticipated. Clarione. Despite the incentives offered, exporters complained about alleged obstacles and the obligation to take an oath, while bankers showed little interest in the high “exposure” to public risk.
“The government seeks funding from abroad, the grain companies take it to the banks and leave it in deposits, and the bank holds a title and deposits the funds in the central bank. It doesn’t help the bank, they could have sold the letter directly to the grains. , but they get us in the way, I don’t see a monstrous influx of customers “, he pointed to a bench.
Under the premise of not to resort to a devaluation or a split of the exchange rate, Massa and his team promoted this measure to unlock foreign exchange regulation. It was after the bankruptcy of the soybean dollar created during Silvina Batakis’ brief administration that producers sold the grains they hold pending an improvement in the exchange rate, given an exchange gap of more than 100%.
The Secretary of Agriculture, Juan José Bahillo, will meet with the Liaison Table this Tuesday, following the meeting held last Friday. Although the retentions are not touched, an improvement in the soybean dollar will be analyzed. The scheme allows you to deposit 70% of the pesos from sales in an account that adjusts to the official dollar, and the remaining 30% to buy foreign currency at the “savings dollar”, which, net of withholdings and taxes, represents a dollar of 110. dollars.
Days ago, Bahillo acknowledged the failure of the provision, stressing that “there has not been much liquidation with this system”. “The tool doesn’t have a lot of agreements and that’s why the manufacturers said it’s not easily accessible, it’s bureaucratic,” he said.
Today we will analyze the quota for meat exports, the lack of diesel, the increase in fertilizer prices and the situation of the regional economies.
Giovanni Manuel Barca
Source: Clarin
