LOGO

The Argentine government announced a temporary exchange rate for soybean exports

c2a56515824f09daf163a8b57f00d4b3.jpeg

According to the Argentine Agricultural Information Network and Clarín on September 4, Argentine Minister of Economy Sergio Massa announced the implementation of the "Export Growth Plan" to promote soybean exports and increase foreign exchange. From now until September 30, 2022, the "soybean dollar" exchange rate (USD/peso 1:200) will be applied to the export of soybeans from Argentina. The government expects the policy to bring in $5 billion in foreign exchange. The president of the Oilseed Chamber of Commerce and Grain Export Center said that although the policy is temporary, it will play an important role in improving the current low soybean export situation. Official statistics show that as of August 24, 2022, Argentine producers sold only 22.7 million tons of soybeans, 5.8 million tons less than the same period last year.

 

In addition, the Argentine government will set up an export growth fund based on the revenue from soybean export tariffs to provide food security for the most vulnerable groups, and use part of the revenue from the tariffs to provide financial support for small and medium-sized production enterprises and regional economic incentive policies.

 


Need help or have a question?

Send mail