A new ad for Sergio Massa It is expected for the next few hours, according to different media reports, regarding what could be a new edition of the scheme known as “soybean dollar”. The Minister of Economy hopes to reach an agreement with the sector to meet the goals of the reserves and the fiscal result requested by the International Monetary Fund.
From the Ministry of Economy they believe that they could reach an agreement with the sector so that there is a guaranteed floor of $3 billion to add to the reserves. The objective they have from the Palacio de Hacienda is break the historical record of exportsfor the purpose of putting it on the table in the debate on the global food security agenda that is discussed in the G20.
In this way, from the Government they believe that goals are ensured who asked for the IMF for reserves and the fiscal deficit. In addition, they hope to obtain financing without the need for a monetary issue on days when the Ministry of Finance finds it difficult to place debt in pesos. In this sense, they estimate to exceed the reserve goal for the end of the year by 15 percent.
How was the last “soybean dollar” scheme that the Government applied
In the application of the scheme during the month of September, where Sergio Massa revealed that US$8.1 billion was raised exceeding government expectations. At that time, the relationship they applied was 200 pesos for every dollar received.
In the last edition, to unlock the liquidations of the harvest, he managed to get agriculture to contribute more than US$8.123 billion and the Central Bank buy u$s4.968 million to strengthen their coffers.
Of those US$8,123 million exports, US$7,646 million have already managed to enter the exchange market. Between next Monday and Tuesday the balance will end up entering. 13,725,000 tons of soybeans were sold to more than 4,600 producers and legal entities.
“This gives us peace of mind in a context in which we came with a high level of concern 50 days ago”referred to the Minister of Economy, Sergio Massawhen taking stock of the Export Increase Program.