Argentina's program to boost soybean exports (“soy dollars”), aimed at increasing foreign exchange reserves through more active oilseed sales, could be launched as early as this week. The Reuters news agency reports on this, citing source data in the state government.
“The agreement with companies that export soybeans will come into effect from April 8 to May 24,” the interlocutor commented.
The country will introduce the “soy dollar” for the third time. The Reuters source did not provide details on the adjusted peso-dollar rate, which will be set by the government under the program starting April 8.
Now you can get about 210 pesos for $1, but during the second “soy dollar” the exchange rate for exporters was 230 pesos per dollar.
“The aim of introducing the program is to export from Soybeans at a rate above the official rate," the statement said.
This solution is expected to allow Argentine agri-export companies to earn an additional $15 billion.
The country is the world's largest exporter of Soybean oil and Grist as well as one of the main suppliers of soybeans to foreign markets.
Source: oleoscope (Russian)