The announcement of the reduction of withholdings to the agricultural sector by the Government has generated a significant reaction in financial markets. The day after the announcement, the dollars Financial registered strong falls, while the Merval index suffered a remarkable decline.
Argentine shares lost up to 7%, and the MEP (electronic payments) yielded 3%, standing at $ 1,132. The sovereign bonds, meanwhile, showed a slight increase after several days of fall. The strong decline of the dollars Financial, around 3%, brought the quote of the MEP to $ 1,132 and that of the cash (CCL) to $ 1,148.
With this, almost 100 pesos were cheaper than the dollar Blue, which remains at $ 1,240. The market attributes this setback to the expectation that the decline in withholdings will improve the liquidations of the field, allowing the Government to have more currencies in the Central Bank and have more margin to control the official exchange rate.
As of February 1, the Crawling PE will pass from 2%monthly to 1%, which also contributes to the reduction of the gap between the cash with Liqui and the official dollar, which collapses to 6%. The temporal reduction of agriculture withholdings, announced after the closure of the markets, surprised investors.
The previous day had been discouraging, with stagnant sovereign bonds and the bag losing the profits of the previous day. This scenario caused the majority of investors to obtain returns lower than those of the fixed term, while political uncertainty continues to generate caution.
The announcement of the decline in retentions includes a 7% reduction in soybean retention, 3% in wheat, corn, barley and sorghum, and 2% in sunflower. In addition, retentions for products from regional economies such as sugar, cotton, tobacco and bovine leather were eliminated.
Foreign exchange
This measure seeks to promote export competitiveness and, according to analysts, will encourage greater currency liquidation by the agro -export sector. However, the reduction of withholdings also raises challenges.
Some analysts consider that this measure could affect the tax accounts of the State due to lower collection. In addition, the situation of the agricultural sector remains a factor of concern, since the prolongation of unpaid checks and the interruption of the payment chain could affect the pillars of the economic plan.
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