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LatinNews Daily - 28 November 2022
In brief: Argentina’s gov’t relaunches ‘soy dollar’
* Argentina’s Economy Minister Sergio Massa has announced the relaunch of the so-called ‘soy dollar’, a preferential exchange rate for soybean exporters. This follows the success of the programme when it was first rolled out in September, which Massa said resulted in the conversion of more than US$8bn to Argentine pesos and the export of almost 14m tonnes of soybean in less than a month. Starting today (28 November), soybean farmers will be able to exchange foreign currency gained from soybean exports at Ar$230 to the US dollar. The official exchange rate currently stands at around Ar$166 to US dollar. Massa said that programme will run until 31 December, with the aim of boosting foreign currency reserves by US$3bn. According to the economy minister, the additional reserves will “allow us to address the asymmetries in the domestic market and assist the value chains of regional economies.”
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