The BCRA created a new exchange rate for soybean producers to sell the crop

The payment of export duties returned to debate in a year of drought.

The Central Bank today approved a special exchange rate for soybean producers to speed up the settlement of their harvest until August 31, amid a critical situation of international reserves and strong tension in the foreign exchange market.

According to the regime approved today by the entity’s Board of Directors, once the producer liquidates his grains for export, with 70% of the pesos you get you can make a deposit “pegged dollarthat is, a deposit in pesos that adjusts to the official exchange rate. With the remaining 30% of the pesos, the BCRA will allow you to repurchase dollars, also at the official exchange rate, while paying the PAIS tax and withholdings.. From that account, a new exchange rate will emerge that the producers will calculate to decide whether or not to sell it.

According to official estimates, the purchase of dollars with 30% of the pesos obtained from exports would generate an exchange rate of $239.75. In this way, if the producer sells grains for 1 million pesos, he could buy almost 1,300 dollars and make a deposit in pesos adjustable by the official dollar for $700,000.

The decision adopted was strongly resisted by the Central Bank itself and at the same time promoted by other areas of the Government. The BCRA’s refusal is due to the fact that it observes the risk of accumulating special exchange conditions for each sector of the economy that has foreign trade operations. It is not unreasonable to expect that after this measure, other sectors will ask for a particular regulation to protect themselves from the foreign exchange bribe.

In recent weeks, under strong tension in the foreign exchange market, on several occasions from the Government the creation of an “agro-dollar” had been denied or the application of any kind of particular exchange regime for the countryside. “It is a great nonsense about the dollar for agriculture, there is nothing like that. It is part of a speculation aimed at forcing the foreign exchange market by restricting the supply of foreign currency. No measure is evaluated that implies improving this exchange rate for agriculturean official source had said on Thursday the 20th. Despite this, today the measure ended up materializing.

In the official communication of the measure, the BCRA highlighted that the decision seeks “balance” agricultural producers with other productive sectors that already enjoy exchange exceptions. Among them, the entity pointed out, “the free availability of foreign exchange due to the increase in exports that are made with respect to the previous year that applies to the manufacturing industry; the Regime of Promotion of Investment for Export or the scheme for knowledge industry that allows to apply part of the increase in exports to the payment of the wage bill”.

In this way, the Central explained that the norm is installed “in the same line” of those benefits that these industries receive. Of course, the impact of the field is not the same. Soybean dollars will prove vital in the coming month when the government will have to spend a lot of foreign currency to deal with energy imports.

The statement explained the instrumentation of the measure. “Producers will be allowed to make a demand deposit in financial institutions with variable daily remuneration based on the evolution of the A3500 exchange rate, known as the Link Dollar, for up to 70% of the value of grain sales. In addition, for the remaining 30%, the Formation of Foreign Assets will be allowed, at the value of the official dollar plus the PAIS tax and the withholdings on account received by the AFIP, “said the Central Bank.

Until next August 31, “Producers will be able to acquire freely available foreign currency for 30% of the funds obtained from the sale of grains destined for export. and convert 70% into a freely available deposit with variable remuneration based on the evolution of the official exchange rate”, added the BCRA.

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