Argentina extends exchange rate benefit for exports until December 10

On Monday (20), Argentina extended, until the day of the inauguration of the president-elect, Javier Milei, a fiscal benefit for the entire export complex—a preferential exchange rate to settle part of the foreign currency obtained from its sales.

The goal is to stimulate business and increase the country’s reserves.

The decree, published in the country’s Official Gazette, states that “the provisions will be extended until December 10, 2023.”

“50% must enter the country in foreign currency and/or be negotiated through the Free Foreign Exchange Market, and exporters must, for the remaining 50%, carry out buying and selling operations with negotiable securities acquired with settlement in foreign currency and sold with settlement in local currency (alternative dollar),” according to the decree.

Until now, a 70% rate was in effect in the official exchange rate and 30% in alternative markets.

On Sunday (19), libertarian Javier Milei defeated the current Minister of Economy, Sergio Massa, in the second round of the presidential election.

During the campaign, the president-elect said he would dollarize the Argentine economy and eliminate the central bank.

Source: CNN Brasil

Click here to read the original text: https://www.cnnbrasil.com.br/economia/argentina-prorroga-ate-10-de-dezembro-beneficio-para-de-taxa-de-cambio-para-exportacao/

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