Argentina announced today, Monday (2), an important decision. The Export Increment Program (PIE) will have its validity extended until October 25th. This measure is popularly called the “soy dollar”. This decision has a significant impact on transactions related to the purchase and sale of securities in the country.
The “dollar-soy” program is a process that includes the settlement of securities in foreign currency. Companies acquire them, and the financial market sells them, with settlement in local currency. This is based on the Cash Settlement (CCL) value. This creates a peculiar economic environment that aims to stimulate exports of soybeans, one of Argentina's main exports.
It is important to highlight that this special exchange rate remains aimed mainly at companies that have a history of exporting soybeans in the last 18 months. Furthermore, export operations that require the Declaration of Sales Abroad (DJVE) will consider contracts prior or subsequent to the entry into force of the decree as eligible, providing flexibility to those involved in this crucial sector of the Argentine economy.
According to the Buenos Aires Cereal Exchange (BCBA), the commercialization of soy in Argentina it exceeded 4.5 million tons within the scope of the fifth edition of the PIE, which ended on Friday (29).
Source: datagro
