New stocks for the soybean dollar: who can buy fiat and who can’t

“We are writing to inform you that the provisions issued by Communication” A “7609 They do not apply to human persons. With this statement, around midnight on Monday, the Central Bank made it clear that the ban on legal dollars (Savings in dollars, MEP and Cash with Liqui) it was only for companies and producers were excluded.

The same Secretary of Agriculture, Juan José Bahillo, also posted clarifications on the situation after the refusal of several rural entities to the regulations. “I want to clarify that the resolution of @BancoCentral_AR does not include the producers who have accompanied the export increase program with so much effort,” he wrote on his Twitter network.

Thus, after the comings and goings, the Central Bank resolution includes intermediaries, cooperatives, stocks and manufacturing companies. Producers (individuals) and exporting companies, which were already excluded from financial dollars for two years, are out of the norm.

Juan Manuel Garzón, economist at IERAL, analyzed the tax register of the cereal operators of the AFIP to see the scope of the measure for the production segment. Although he does not identify what type of production is carried outit is deduced that the vast majority (companies and producers) planting soybeans.

As explained by the economist IERAL, there are 60,000 registered producers, of which there are 43,000 natural persons (producers) and 17,000 legal persons (companies).

Likewise, the economist explained that this AFIP record does not detail the production scale. However, he analyzed the latest agricultural census of 2018 and found out farms manage 50% of the agricultural area despite the fact that there are more producers.

Central Bank clarification

“Linked dollar adjusted accounts are still valid for farms”, This was stated by the institution in a communication sent this afternoon. And he clarified: “Companies that sold soybeans under the Export Increase Program, and which were the subject of Communication A 7609, keep your tools which allow them to leave their sales in accounts that are adjusted per linked dollar. “

Previously, the head of CIARA-CEC, Gustavo Idigoras, spoke about this tool: “It would be the only way to keep the value of those pesos sold”.

What does the decision of the Central Bank say?

This Monday afternoon, the Central Bank issued a resolution in which it has left producers, co-operatives, collectors and exporters out of the legal dollar segment which entered the soybean dollar. Therefore, those who operated with this mechanism could not buy either the savings dollar or the MEP dollar or cash with liquidity.

Later, late at night, Secretary of Agriculture José Bahillo said in a tweet: “I want to clarify that the resolution of the Central Bank does not include male and female producers that with so much commitment have accompanied the program to increase exports ”, in obvious reference to the soybean dollar which recognizes a price of 200 dollars per dollar.

Bahillo’s post was retweeted by Sergio Massa himself.

Almost on the verge of Tuesday, the Central Bank statement was released which sought to shed light on the issue: “The disclosed provisions are not applicable to human persons”. This implies that it covers the operations of the companies. The doubt is that in the field the figures are companies. Therefore, the scope would also be broad.

The soybean dollar allows soybean producers to receive $ 200 instead of $ 143 for every dollar they set. The provision is in effect until 30 September.

YN