Argentine government seeks to raise $2 billion with new corn dollar

In accordance with resolution 295/2023, published in the Official Gazette, the Argentine Ministry of Agriculture included corn and malting barley in the Export Enhancement Program, which determined an increase in the differential exchange rate to 340 Argentine pesos per 1 US dollar for regional economies. An increase in the official exchange rate for corn exports is estimated to strengthen central bank reserves. The unofficial dollar exchange rate on the market is rumored to be around 536-541 pesos to 1 dollar, compared to the official value of 270-283 pesos to 1 dollar. The Argentine government is looking to raise $2 billion with the new corn dollar. Grain corn, flint, popcorn, and malting barley should be included in the program, which were not available in previous versions of the program. Payment of export duties must be made before November 30 in accordance with the relevant resolution. The resolution stressed that "it is necessary to continue the implementation of policies ...