Argentine soybean exporters, organized by the Chamber of Petroleum Industry and Cereal Export Center (Ciara-CEC), reported yesterday, Wednesday, a settlement of $1.075 billion for foreign shipments of oilseeds, just 72 hours after a new exchange rate regime. (soy dollar) for this sector of the agricultural economy.
“72 hours after the entry into force of Decree 576/2022, foreign exchange receipts reached 1.075 billion dollars, exceeding the target set last Sunday,” the industry organization announced on its Twitter account in a message shared by the Minister of Economy, Productivity. Development, Agriculture, Livestock and Fisheries, Sergio Massa.
On September 5, the Argentine government began applying a new regime for the liquidation of foreign exchange from soybean exports, allowing producers to liquidate foreign currency at a rate of 200 pesos per dollar.
This measure aims to accelerate the entry of dollars into the country and accumulate international reserves.
Foreign currency receipts confirmed today by Ciara-CEC exceeded the one billion dollars predicted by the government for the first 72 hours after the measure came into force.
Agriculture, Livestock and Fisheries Secretary Juan José Bahillo highlighted the overachievement of the target and predicted that the September settlement target of $5 billion would also be exceeded.
“The landscape accompanies us with record sales and the soybean dollar has exceeded our expectations. At this rate, we think we will exceed the expected 5 billion dollars”, said Bahillo.
The new exchange rate regime, which came into effect last Monday, applies not only to soybean exports, but also to all exportable oilseed derivatives, such as flour, oil and pellets.
The Argentine Minister of Economy has described the agricultural industry as a “key sector” that guarantees the stability of the Argentine economy and contributes to the growth of gross domestic production.
