The Government made official this Monday (05.09.2022) the creation of the "Export Increase Program", through which An exchange rate of 200 pesos per dollar is applied for soybean exportswith the aim of accumulating dollars and strengthening the Central Bank's reserves.
The measure, arranged "in an extraordinary and transitory manner", was announced yesterday by the Minister of Economy, Sergio Massa, after being agreed with the main export complexes, which committed to sell soybeans and derived products for at least 5.000 million dollars; and today it was published in the Official Gazette through the Decree of Necessity and Urgency 576/2022.
Adherence to the Program "will be voluntary, and may be accessed by those who have exported soybean and derivative manufactures in the last 18 months prior to the validity of this decree," according to article 2.
Yesterday, at a press conference, Massa said that "the objective is to put incentives on the table based on an effort made by the national State and a recognition in the price for the producer in a simple, easy and transparent way."
The measure is based on a "settlement mechanism that allows for simple and transparent access to a better price for production," he said, and assured that they expect "a settlement of 1.000 billion dollars in the first 72 hours of validity."
The plan will run until September 30.
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