The Central Bank Of Argentina Facilitates Access To The Foreign Exchange Market For Fertilizers

The Argentine central bank (BCRA) on Thursday improved conditions for importers of fertilizers and plant protection products, among other products, to access foreign currency, it said in a statement.

The monetary authority, which has strengthened import restrictions over the past few days to protect its scarce international reserves, has reduced the term for them to access dollars from 90 to 60 days.

Argentina plays an important international role as an exporter of soybeans, wheat, and corn.

The restrictions imposed by the BCRA have created uncertainty in the industries as to whether they will be able to rely on the import inputs needed for production and the higher costs that imports will generate at a higher exchange rate.

“It also reduced from 365 to 60 days the term for access to the foreign exchange market to pay for inputs used for the local production of export goods, once advances or pre-financing of exports have been fixed simultaneously, “the central bank said.

“These products will always be considered as inputs for local production of goods for export,” he said.

The government of President Alberto Fernández is going through a strong political and economic crisis that erupted from Economy Minister Martín Guzmán on Saturday.

Recently, the country‘s main agricultural entities called for a commercial strike on July 13 against government policies and a lack of diesel and fertilizer.

Source: Money Times

To read the full original article, please go to: https://www.moneytimes.com.br/banco-central-da-argentina-facilita-acesso-a-cambio-para-importacao-de-fertilizantes/

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