On the fourth day of validity of the soybean dollar 3, and after a lukewarm start yesterday, exporters today entered a volume of USD 574 million, of which USD 332 million remained in the Central Bank’s reserves. The negative balance accumulated in the month is thus reduced to USD 181 million in the month and USD 3,159 million in the year.
The figure entered today by exporters is the highest daily amount settled in any of the three versions of the so-called “Exporter Incentive Program”, which offers a differential exchange rate of $300. “The amount entered today by the PIE is the highest since the one registered on September 30 of the previous year,” anticipated the market analyst, Gustavo Quintana.
With one round to go to end the week, the wholesale exchange rate accumulates a rise of $3.46, the highest weekly correction of the year.
Thus, the wholesale bill closed at $214.28/214.68 per unit, $0.44 above yesterday’s close. The retail dollar, meanwhile, closed at $220.7 at the selling point while the blue reached $400 for the first time. After some rises and falls of cents during the morning, the free dollar finally added $2 pesos and broke a new psychological barrier by setting a new record in nominal terms.
The exchange gap with the wholesale dollar now climbs to 83 percent. In the dollar market segment, meanwhile, the MEP price closed at $392.20 while the cash with settlement (CCL) was located at $402.64
Yesterday, the soybean dollar had timidly debuted, with a traded volume of USD 94 million, after two days of validity of the DNU that established the differential exchange rate at $300 for the soybean complex.
This allowed the Central Bank to close the day with a meager positive balance for the second consecutive day, with a purchase of USD 2 million, equal to the result of the previous day when the monetary authority ended a streak of 23 consecutive rounds of strong sales in the market. unique and free of changes.
After the difficulties that marked the debut of the agricultural dollar, related to the implementation of the new accounts dollar linked that defined the decree published on Monday in the Official Gazette and that seem to have dissipated finely in the wheel today, expectation is growing for the outcome of the Central Bank board meeting, in which the monetary authority is expected to adopt impact measures straight into business.
The entity, according to official sources, will approve “a rule that allows pre-financing (for exports) to be entered and not paid for 180 days,” as encouragement to the new exchange plan aimed at agro-exporters. The measure minimizes the risk for exporters since, in normal situations, cereal companies enter the currencies to buy the grains and, as they buy them, they sell the dollars to get the pesos and pay the producer. The maximum period allowed to comply with this entire process is 5 days. In other words, in the usual scheme, when exporters deposit the pre-financing dollars, they have less than a week to convert them into pesos and pay the producer in that currency.
With the extension of the term that will be approved by the BCRA board, the cereal companies will have more time to wait for the producer to sell them their harvest.
the same norm was in force during the two previous editions of the soybean dollar, in September and December of last year, even though the private sector did not make much use of them. In these instances, the dollars received were quickly liquidated in the market to pay producers who did not wait to sell to take advantage of the window of opportunity of the preferential exchange rate. That window is, on this occasion, somewhat wider, since the incentive will be in force until the end of next month.
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