The Minister of Economy, Sergio Massa, will launch this Wednesday the so-called “agro dollar”, a program by which a differential exchange rate will be established for different agricultural productions, particularly for the soybean complex and some regional economies.
The presentation will be made at the Palacio de Hacienda in the afternoon and will be led by the minister, who will announce the start-up, in the first instance, of a differential exchange rate for the soybean complex, which will last until the 31st of May, official sources indicated.
As for the regional economies, no further details are known, both as to how much the differential exchange rate will be or what productions will be benefited.
For now, it is expected that once the program for regional economies is defined, it will be extended for 90 days.
Last week, after his meeting with the deputy manager of the International Monetary Fund (IMF), Gita Gopinath, Massa advanced the creation of an “agricultural dollar” that will have the purpose of increasing the reserves of the Central Bank, helping producers and productive chains affected by drought and finance a growth of the next planting.
“It is a program to increase exports that aims to facilitate the capacity and compliance with the contracts of our exporters in the dry year, understanding the difficulties suffered by our producers,” said the minister.
Massa argued that they are measures to “promote exports and consolidate the agricultural sector in the possibility of fulfilling its contracts and the Argentine central bank to strengthen itself in terms of reserves.”
On the other hand, it also advanced the implementation of this new scheme that will simplify the tax regime for the importation of goods and services and unify different current exchange rates.
“The second great challenge is to begin to follow a path of exchange simplification so that all that appears under different dollar denominations, begins to work and operate in a more unified scheme,” explained the minister.