It was recently learned that the Federal Administration of Public Revenues (AFIP) and the Ministry of Agriculture, Livestock and Fisheries ordered the creation of a commission to analyze compliance with the objectives of the Export Increase Program (PIE), also known as soybean dollar.
With the scheme which operated during the month of September, there was an increase in exports. In this way, the country had a trade balance of 1,827 million during October driven by the soybean dollar.
In this sense, with the creation of the commission, the Government seeks to analyze the objectives and goals that were obtained through the implementation of the soybean dollar. The measure was embodied in Joint General Resolution 5292/2022, published in the Official Gazette.
Thanks to the success of the program, The Government is also considering reinstating a differential exchange rate for soybean producersTherefore, thanks to the high level of exports that occurred, it was possible to strengthen the reserves of the Central Bank.
Within this framework, the Executive’s measure also establishes that, “once formed, the commission will issue the regulations for its operation no later than Friday, December 9. In the cases that it deems pertinent, it may request the collaboration of representatives of the Central Bank”.
It should be remembered that the PIE was valid from September 5 to 30 and, during said period, it established a differentiated price for soybean exports and its derivatives, with results that were highlighted by the Government.
The creation of the commission was a request made by the same sector, after the excellent results they obtained with the program, which also benefited the producers, who today are affected by the impact of the drought.
soybean dollar results
According to the Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Center for Grain Exporters (CEC), with the program It was reached: “A record level of liquidations of the agro-export complex that amounted in September to u$s 8120.3 million”.
In addition, “it generated operations of the soybean complex for more than 13 million tons and, in this way, the agribusiness contributed $443,000 million in withholdings.”
