Argentina to revive ‘soy dollar’ fx rate until year-end, source says

Argentina will reestablish a preferential currency exchange for soybean exports until the end of the year, an economy ministry source said on Friday, Nov 25, looking to rev up exports of its top cash crop and bring in much-needed dollars.

The government, which spurred huge soy exports in September with the so-called “soy dollar” rate, has agreed to a “floor” of some $3 billion in exports with grains firms, the source added.

Argentina is the world’s top exporter of processed soy oil and meal, but high inflation and tight capital controls have at times led farmers to hold onto their crops as a hedge against the local currency devaluing.

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