©Reuters. Argentina sets “soybean dollar” at 200 pesos to accumulate 5,000 million dollars
Buenos Aires, Sep 4 (EFE) .- Argentina set the value of the so-called “dollar” at 200 pesos from this Monday and until September 30 with the aim of increasing the accumulation of reserves, as explained this Sunday by the Minister of Economy of the South American country, Sergio Massa.
In a press conference held prior to his trip to the United States, the holder of the portfolio reported the creation of a system that allows accumulating at least 5,000 million dollars of liquidation, 1,000 of them guaranteed in the first week.
“Argentina is one of the big players in protein production with Brazil and the United States, and having a working relationship, synchronism and synergy with the agribusiness sector is very important,” Massa commented on the decision to intervene in soybean production. , the main export product of the country.
Massa, who on August 3 took office as ‘super minister’ of Economy, Productive Development and Agriculture, stressed that the choice of soybeans for this program is due to the fact that “it is the complex with the highest level of incidence in exports and the lowest in local value chain has when it comes to macro decisions”.
The program “is voluntary, not mandatory,” clarified the minister, who expressed his wish that, during the month of September, Parliament discuss the so-called Law for the Promotion of Agroindustrial Development, a project promoted by the Executive, which allows for a “long-term perspective”.
Massa recognized the importance for the State of “strengthening reserves” to offset the “stress that, in some way, the Argentine economy has been suffering.”
This program, by which the producer will reach more than 70,000 pesos per ton of soybeans, includes two consequences at the fiscal level: support for regional economies and small producers, on the one hand; and the financing of vulnerable sectors, on the other, detailed the minister.
Foreign currency income to Argentina from exports of grains and derivatives totaled 3,387.8 million dollars in August, which represents an increase of 11% compared to that month of 2021.
The export settlement figure registered in August also represented an increase of 5% compared to last July, according to a report released this week by the Chamber of the Oil Industry of the Argentine Republic (Ciara) and the Cereal Exporters Center (CEC). ).
The oilseed-cereal complex, including biodiesel and its derivatives, represents almost half of the total exports of Argentina, which is one of the world’s largest producers and exporters of grains and derivatives.
The main export products of the South American country are soybean meal, and soybean oil.