The government made official this Monday in the Official Gazette the mechanism by which soybean exports can be regulated according to the new and special value of the so-called “soybean dollar”, set at $ 200, until September 30th.

Some details of decree 576/2022, signed by Alberto Fernández and the ministers of the national cabinet, had been anticipated by one of its members, the head of the Economy portfolio, Sergio Massa.

As recalled by the former president of the Chamber of Deputies in the announcement, among the benefits that currency exchanges will bring, “more than $ 5 billion will go into reserves” and “98% of the production will be exported”.

“We have a deal that provides $ 5 billion in guaranteed settlement for the month of September, $ 1,000 million guaranteed for the first 72 hours and the opportunity to move forward with a clear list price,” he warned. .

In addition, he noted that the changes “promote agricultural exports and the improvement of reserves will make it possible to maintain the use of energy in factories and homes “.

In this sense, article 1 of the regulation marked the “extraordinary and transitory” creation of the “Export increase program”, which is “intended for subjects who have exported in the last 18 months immediately preceding the validity of this decree .

As clarified, adherence to this plan “will be voluntary” and “it will be carried out through the ‘Registration System’ service, available on the AFIP website”.

It has also been established that the program will be “effectively applicable to those who adhere to it and who have registrations of Sworn Declarations of Sale Abroad (DJVE), where applicable, made before or after the entry into force of this decree. “, For the goods listed in Annex I (soya and their by-products).

Article 3 also specified that only “the soybean buying and selling transactions completed from the entry into force of this decree, including the buying and selling transactions with a price in pesos ‘to be fixed’ after that date, will be valid”.

Section 5 of the decree, meanwhile, indicates that the Central Bank “will establish the mechanisms so that the value of the goods” linked to soybeans, “including the hypotheses of pre-financing and / or post-financing of exports from abroad or an advance on liquidation, to be part of the subjects that adhere to the Program and that meet the requirements established in this decree, is perfected in $ 200 per US dollar “.

“The subjects that adhere to this Program, and actually applicable to them, must register the Sworn Declaration of Sale Abroad (DJVE) and regulate the currencies referred to in article 5 under the terms and conditions established by the complementary legislation. , not being able to exceed this deadline on 30 September 2022, including the hypotheses of pre-financing and / or post-financing of exports from abroad or of advance payment “, states art. 6th.

Hours before traveling to Washington, during the show he held this Sunday, Massa said: “We hope that any manufacturer who feels they face the opportunity to be recognized for better value, sells for what they represent for the purposes of their future possibility for that minimum of 85% for future benefit programs that the Ministry of Agriculture will have to face “.

The “soybean dollar” was implemented in late July, when Silvina Batakis was still in charge of the Ministry of Economy. According to this initiative, which had an expiration date of 1 September, producers could buy the solidarity dollar with 30% of the amount left over after the collection of withholdings.

What the new “Export Increase Fund” will finance

Pursuant to article 9 of the decree, the “Export Increase Fund” was also established to finance “an extraordinary monetary advantage non-contributory and national in scope that guarantees adequate nutrition for people in situations of extreme vulnerability“, As well as” programs that stimulate the production and development of small and medium producers and regional economies “.

Section number 11, for its part, establishes “Producer incentives”. “Agricultural producers who sell soybeans for export to intermediaries, collectors, cooperatives, exporters and industrial soybeans affect the export operations of this Program for a percentage of not less than 85% of their production referring to the 2021-2022 harvest and with an improved or fixed price by 30 September 2022, will be able to access the benefits and programs established by the Ministry of Agriculture, Livestock and Fisheries for the 2022-2023 harvest “.

IS