Argentina intends to slow down the pace of the economic crisis in the country by introducing a preferential exchange rate, the so-called “soybean dollar”, which should increase agricultural exports and attract much-needed foreign currency, Reuters reports.
As noted, this measure, which began to operate on April 10, gives soybean exporters a better exchange rate than the controlled official one, which should ensure the export of oilseeds from the country in the second and third quarters in the amount of about $ 15 billion.
The ‘soybean dollar’ will at least accelerate the flow of foreign exchange and thus provide at least temporary economic relief,” argentine economist Gustavo Ber said, noting that Argentina’s foreign exchange reserves had fallen to a “critical level.”
According to his calculations, Fundcorp economist Roberto Geretto, if things were optimal, Argentina’s central bank could have received about $4 billion over the next two months, but foreign exchange earnings would fall again due to the depletion of soybean export potential.
“The effect of these initiatives, as it happened in the past, will again be temporary, especially given that the money issue associated with their implementation can further accelerate inflation in the coming quarters,” the expert believes.
Source: Apkinform