Argentine Economy Minister Sergio Massa said the country’s government will stimulate the export of soybeans by improving the exchange rate of the Argentine peso. This is reported by Reuters.
According to Mass, local farmers will be able to sell and export a ton of soybeans until the end of September at an exchange rate of 200 pesos per $1.
“This is much higher than the official rate, which is about 139 pesos to 1 US dollar,” the minister said.
It is specified that the indicated exchange rate will be valid from September 5 to September 30 this year.
“Our farmers need to feel that the government is with them, understands their problems, but also needs them to continue to strengthen the Argentine economy, ” Massa said.
According to official data, by the end of August, Argentine farmers sold almost 52% of the 44 million tons of soybeans harvested in the 2021/2022 season.
Recall that Argentina is the world’s largest exporter of soybean oil and meal, as well as one of the key suppliers of soybeans to foreign markets.