Argentine authorities are introducing the country’s “soy dollar” preferential exchange rate programme for the fourth time, Economy Minister Sergio Massa said. The measure will aim to stimulate soya sales both abroad and on the domestic market.
“This will allow the industry to remain active and benefit growers who need to sell,” said analyst Javier Preciado Patiño. – It’s also positive for the government, as it will start the inflow of foreign currency.
A decree detailing the timing of the new “soy dollar” has yet to be published, but some market participants speculate that it could be announced as early as Friday (1 September).
Unlike previous programmes, the country does not yet have specific revenue targets for the oilseed crop.
Recall that the first ‘soy dollar‘ scheme was first introduced in September 2022, with the second programme launched in November of the same year. The third “soy dollar” was announced in April this year.
A similar programme for corn is also in place until the end of this month.