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Another attempt by Sergio Massa to strengthen the reserves: he launches a new 'agro dollar'


It will be 30 days for soybean exports and 90 for regional economies. They seek to add US$ 15,000 million. They will also simplify the various exchange rates.

Minister Sergio Massa announced this Thursday in Washington that

the export scheme with the "agro dollar" will be expanded,

which would

temporarily extend

beyond soybeans to other regional products, a way to shore up the scarce reserves to meet the goals of the International Monetary Fund.

And they will also

seek to simplify the various exchange rates

so as not to have so many varieties of dollars, such as the card, savings, Qatar or Coldplay.

In addition, the minister is leaving the US capital with the

promise of adding 3,000 million dollars

from international organizations for the coffers of the Central, they said in Economy.

This Friday the executive board of the Monetary Fund meets and it is estimated that

the relaxation of reserve goals

proposed by the Government will be approved because it does not meet them due to the severe drought and the delay in the implementation of the new electricity tariff, among other difficulties.


even more efforts are needed

to add resources to the Central and

the board needs a path to know where they will come from.

Within this framework, this “agro dollar” will be launched

, which includes soybeans and other


products .

The objective – they say in Economy – is to try to add US$ 15,000 million in exports in the second and third quarters.

The measure

will be launched on Monday

and will be refined this weekend with meetings with business chambers from different sectors such as rice, peanuts, wine, tannins and yerba mate, among others, which could be added.

It will be for the regional agro-export sector

and, according to what they say in the minister's environment, the initiative will have little or no impact on the domestic market and inflation because it will seek to continue maintaining local supply and prices.

The idea is that it be

a temporary plan, 30 days for soybeans and 90 days for regional economies.

"It is a program to increase exports, which is intended in some way

to facilitate the capacity and compliance with the contracts

of our exporters in the year of drought, understanding the difficulties that our producers suffered," Massa told Argentine correspondents in Washington.

“The challenge is to promote this measure

to strengthen the reserves in the second quarter

and continue the stabilization path that Argentina has to follow.

The drought hit us very hard

,” he noted.

“The Fund assumes it, it is assumed by all those who understand the weight that the agro-export sector has in the Argentine economy and we believe that just as we took measures to protect and help producers who were victims of the drought with tax benefits, we also



to promote exports and consolidate the agricultural sector in the possibility of fulfilling its contracts and the Argentine Central Bank in the possibility of strengthening itself in terms of reserves”, he added.

Goodbye to the 12 exchange rates?

Also in Economy they work to

simplify in the future the different dollars

product of the different taxes that are levied on the import side, which is

a claim of the IMF


The idea of ​​multiple exchange rates is something that goes against the agency's dogma, but until now it

has been tolerating it

with "waivers" or pardons because -like the soybean dollar- it is

a "creative" resource

that has served to prop up reserves in red.

The idea is

to simplify the taxes

that affect tourism or concerts and certain imports to move towards 

a simpler system.

“The second great challenge has to do with beginning to follow a path of exchange simplification so that everything that appears as the Coldplay dollar or the Techno dollar begins to work and operate in a more unified


,” said Massa.

On the other hand, and always with the level of reserves on his mind, the minister leaves Washington with the certainty that

some US$3 billion will soon enter his coffers

from international credit organizations.

The Argentine delegation was very enthusiastic about the United States' support for Argentina before international organizations, which they said was expressed by President

Joe Biden

during the meeting he held with Alberto Fernández and their respective teams at the White House.

Although the main one for Argentina today is the IMF, there are

other organizations that can help

the country.

Massa has been touring the halls of the Inter-American Development Bank (IDB) these days and in contact with World Bank officials.

With them, added to the CAF, it takes the promise of US$ 3,000 million in various types of

loans in addition

to those that are in the portfolio:

liquid funds for reserves

, and also for infrastructure (these still enter the Central in dollars for what counts towards the reserve goal).

The hand of these organizations – which have not made announcements in this regard – opens with the approval of the United States, they point out in Economy.

look too

Sergio Massa, faced with the inevitable: a devaluation

Alberto Fernández said that he asked Joe Biden to act "as a bridge" to reach 2024 "with greater peace of mind"

Source: clarin

All business articles on 2023-03-30

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