Saturday, June 10, 2023

Government introduces new incentives for exporters to bring in dollars and advance settlement

The Central Bank this Thursday approved the issuance of a letter denominated in dollars that will be used to promote the entry of external funds

By iProfessional

04/08/2022 – 20,14hs

Government introduces new incentives for exporters to bring in dollars and advance settlement

The Central Bank (BCRA) this Thursday released A. approved to issue dollar letter intended to encourage outflow of money For pre-financing of large exporters. Thanks for this system Companies receiving pre-financing can bring in dollars and deposit them in a remuneration account,

“Forex recorded through this mechanism, deposited into the local financial system forex accountwill enable the financial institution to bid in dollars equivalent to that deposit bill,” the BCRA detailed.

New letter in dollars:

  • Tenders will be floated from time to time.
  • The interest rate will be determined as the spread of the SOFER rate in a tender.
  • The period will be 180 days with the possibility of pre-cancellation.

On the other hand, the Board of Directors of BCRA also enable access Demand Account Dollar Linked exporters who Estimated liquidation in more than thirty days With regard to the period prescribed for each area,

The government wants to accelerate the entry of dollars from exports.

The government wants to accelerate the entry of dollars from exports.

Bahlo speculates that they will simplify arrangements for liquidation of soybean exports

Simplification of procedures is one of the measures for grain producers to access the new soy disposal regime. banco central, And that the meeting scheduled for tomorrow will be taken up with the contact table, as anticipated by the Agriculture Secretary designated today, Juan Jose Bahlo.

“It is believed that in the circular dated about ten days ago, which proposes a 30% plan that can be settled and maintained in dollars, improve the settlement process for productive access to that system, Make it more direct and eliminate some of the steps. Were not attractive to the producer,” Bahillo said in a statement to El Destap radio this morning.

The appointed secretary of agriculture said that “the central bank is working in this direction to respond to the request of the sector.”

In return, Bahilo reiterated that agriculture this is a “strategic area, important”Which is “one of the mainstays of economies in the interior of the country”.

It is also necessary to formulate a comprehensive action agenda, which takes into account regional economies; watch chains, incorporate science and technology to produce more with less impact, and develop overseas markets, he said in the interview. ”

John joseph bahilo

Juan Jose Bahillo, Secretary of Agriculture.

Looking for solvency for reserves

He also clarified that the agreements, announced last night by Economy Minister Sergio Massa, would result in income from exports. $5 billion They were stamped “Miscellaneous Sectors: Agro-exporter, Mining and Fishing”; And that they are for “dollar proceeds to be imported in the future within a period of 60 to 90 days”.

“This will give solvency to reserves and generate the necessary macroeconomic predictability conditions to continue investing in our country, and continue to maintain the level of activity that all sectors of the Argentine economy are experiencing,” Bahillo said.

He also said that Contact is one of the main propositions of the table.increasing the competitiveness of the dollarWhich arrived “with an improvement in the exchange rate that is not foreseen or with a modification of the withholding”.

“They are also setting the conditions for macroeconomic forecasting and stability,” he said, “the first thing to do is to clarify all of these issues that cloud decisions from the horizon.”

He believed that the task was to “produce peace so that there are no jerks in the indicators and the producer decides (to liquidate) knowing that he will not regret it next week,” concluded Bahlo.

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