News

Argentina: Foreign currency settlement rose in February

Oil & Fats
Argentina
Regulation & Compliances
Market & Price Trends
Published Mar 2, 2024

Tridge summary

The Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC) have reported a 133% increase in sector settlements in February, amounting to US$1,499 million, compared to the same period in 2023. This surge is attributed to the new export dollar regime and the macroeconomic policies of the new government. Despite this, the sector continues to operate with high levels of idle capacity and negative margins.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC) announced today that during the month of February, companies in the sector settled the sum of US$1,499 million dollars; representing an increase of 133% in relation to the same month of February of 2023 and an improvement of 92% in relation to the accumulated of this year compared to 2023. "The inflow of foreign currency for the month of February is the result of the new export dollar regime and the macroeconomic movements of the new government that impact the decisions to sell the grain supply," indicates CIARA-CEC. Grain exports continue to work with high levels of idle capacity, as does the oil industry, suffering permanent negative margins. The monthly income of foreign currency, transformed into pesos, is the mechanism that allows us to continue purchasing grains from producers at the best possible price. The settlement of foreign exchange is fundamentally related to the ...
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