The recent decision of Government To reduce retentions to agricultural exports has generated significant expectations in the exchange market. However, so far, this measure has not had the expected impact. To understand why, it is necessary to analyze several factors that are influencing this situation.
First, the implementation of the decrease in retentions has been slower than expected. Although the decree of Government It was published in the Official Gazette and regulated by the Customs Collection and Control Agency (ARCA), exporters are still waiting for additional details on how these new aliquots will apply.
This lack of clarity has slowed the currency liquidation process by the agro -export sector. In addition, the exchange market has been marked by a series of external factors that are affecting the perception of the measure.
For example, adverse climatic conditions in Argentina and the delay in soybean harvest in Brazil have generated concerns about the availability of grains, which has influenced international prices and, therefore, in the local market. These concerns have led to a lower liquidity in the exchange market, making it difficult to enter currencies.
Another important factor is the expectation of exporters about compliance with the requirements to access retentions. According to the new regulations, exporters must liquidate at least 95% of the currencies generated by their operations within 15 business days after the approval of the affidavit of sale abroad (DJVE).
This condition has generated uncertainty among exporters, who are evaluating how to meet these requirements before proceeding with currency settlement. Despite these challenges, the measure is expected to have a positive impact on the exchange market in the next few days.
Foreign exchange
Gustavo Quintana, Agent of Burdores de Change, pointed out that the consequence in the market will be seen as exporters begin to enter currencies and access the benefits of retentions reduction.
In addition, this measure of the Government It contributes to stabilize the exchange market and increase the supply of foreign exchange, which will allow the Central Bank to make greater official purchases to incorporate reservations.
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