The government estimates the implementation of a soybean dollar at 200 pesos for those who will settle in September

The Government is evaluating the implementation for the month of September of a special and extraordinary regime for the settlement of foreign currencies at the exchange rate 200 pesos applicable only for the purchase of soy. This was reported by the Chamber of the Petroleum Industry of the Argentine Republic (Ciara) and the Cereal Export Center (CEC), although they said from that body that there is nothing officially confirmed.

The government would also include the need for DJVE registration of soybeans and by-products under Law 21453. This special condition in September It would be voluntary for exporters joining the scheme in writing by notifying AFIPthey pointed to industry sources and, while the details of the rule are not yet known, they suggested that special dollar or correspondent accounts would not be required under the latest BCRA notice.

Furthermore, they indicated, there would be a working table where CIARA CEC will work with AFIP, BCRA and other entities on the following issues: revision of RG 3577/2014 for its mitigation, adjustment of the financing in pesos of the ceilings established by the BCRA (equalization of the amounts) and the expansion of the balance sheet volume for maize (possibly to 4 million tonnes, or 2.5 million tonnes in DJVE 360).

As detailed, with these measures the government hopes to have a total foreign exchange income close to $ 5 billion. Part of that amount would be explained by the sale of something more than 6 million tons of soybeans, of the 21 million tons that producers still have in their possessionr. The other part would be supplied by 4 million tons of corn, a product of which 14 million tons still remain unmarketed.

The producers Clarín consulted said that for such a proposal to be attractive, the exchange rate would have to be closer to the value of the MEP dollar, which is currently around 280 pesos. The end of the exchange split is today the main claim of the producers, even above the withholdings.

According to David Miazzo, an economist at the Agricultural Foundation for Development of Argentina (FADA), “the slower rate of marketing of soy is the symptom of the problem.” “That’s why no patch will significantly change the pace of sales, even if it will be implemented better this time around. What’s the problem? An official exchange rate that’s been devoured by inflation and an exchange gap above 100% which distorts all the incentives of the economy, “Miazzo said.