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The Central Bank lifted the ban on agricultural companies to buy the MEP Dollar

2024-02-22T21:01:46.834Z

Highlights: The Central Bank lifted the ban on agricultural companies to buy the MEP Dollar. The firms that had entered the soy dollar could not operate in the financial market. They have been disabled since September 2022. The decision should not generate much impact on the financial dollar market, says economist David Miazzo. There is still latent anger over the extension until June 30 of the rule that makes credit more expensive for producers who keep more than 5% of soybean production in their fields. The same thing happens in the case of corn, with a production projection of 56.5 million tons.


The firms that had entered the soy dollar could not operate in the financial market. They have been disabled since September 2022. They assure that it will not generate pressure in the market.


The Central Bank ordered this Thursday that companies that had entered the soy dollar can access the MEP Dollar.

This was established by Communication “A” 7968.

During Sergio Massa's management as Minister of Economy, he executed 4 Export Increase Programs (PEI), better known as the soy dollar, which established a higher exchange rate with the aim of accelerating settlement.

Noting that this measure was generating pressure on financial dollars during the first soy dollar (in September 2022),

Miguel Pesce

, the president of the Central Bank at that time, prohibited companies from accessing that financial market.

"They take advantage of doing it now that financial dollars have little pressure," acknowledged the economist of the Agricultural Foundation for the Development of Argentina (FADA),

David Miazzo

.

In any case, he pointed out that this decision

should not generate much impact on the financial dollar market

.

"There are not many unemployed in pesos waiting to go to the dollar. We are not in a time of strong flow until April and the most typical operation of the producer is to sell and position itself in inputs, or not sell at all," he said.

According to the analysis of the Grassi brokerage, as of February 7 (latest official data) 5.6 million of the expected 52 million tons of soybeans were sold (11%).

And only 700 thousand tons have a price.

On the same date of the previous cycle, the farmers had sold 16% of the production, which amounted to only 21 million tons due to the severe drought that impacted the countryside.

The same thing happens in the case of corn.

With a production projection of 56.5 million tons, 10.8 million tons (19%) were marketed.

And only 3 million of the total that is expected to be harvested has a price.

Last year, on the same date, they had sold 22% of the 34 million tons that were harvested, also impacted by the drought.

"More so when you come from a scheme that sells dollars cheaper than the dollars to which you can dollarize. Better you stay with a linked dollar asset such as grain," he added.

In any case, from

the field there is still latent anger over the extension until June 30 of the rule that makes credit more expensive for producers

who keep more than 5% of soybean production in their fields.




Source: clarin

All news articles on 2024-02-22

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