Argentina extends soybean export incentives to boost foreign exchange reserves

Updated Oct 3, 2023
Argentina's government said it would extend a program to boost grain exports in a bid to shore up the country's meager foreign exchange reserves as it looks to meet targets set by the International Monetary Fund amid the economic crisis. “It is necessary to continue to implement policies aimed at strengthening the reserves of the Argentine central bank,” said a decree published in the Official Gazette, extending the export boosting program that started on September 4 until October 25. Under the program, Argentine agriexport firms can exchange 25% of the foreign currency they earn in alternative foreign exchange markets that offer better rates than the official rate, which was frozen at 350 pesos to the dollar in August. The remaining 75% must be exchanged at the official rate. The government hopes higher rates will continue to boost domestic soybean prices and business transactions, boosting foreign exchange reserves with earnings from increased agricultural exports. Argentina, ...
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