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By Walter Bianchi
BUENOS AIRES, Nov 21 (Reuters) – Argentina’s outgoing Peronist government increased benefits to exporters on Tuesday, according to a decree in the official gazette, giving them an improved exchange rate to encourage sales ahead of an administration change next month.
The South American country, an important grains exporter that has had capital controls since 2019, has previously offered preferential exchange rates to traders that mean they get more pesos per dollar than the artificially-strong official FX rate.
The decree said that exporters would be able, until Dec. 10, to exchange half their overseas income via parallel markets which offer exchange rates near 900 per dollar, while half had to be done at the official rate near 350 per dollar.
That compares to a previous level of 70% at the official rate and 30% at the preferential parallel rates for exchange dollars back to pesos. Exporters have to bring their overseas income back into Argentina within a set period.
On Sunday, libertarian Javier Milei defeated the current Peronist Economy Minister Sergio Massa in a presidential runoff. Milei said during the campaign that he would aim to dollarize Argentina’s economy and eventually eliminate the central bank. (Reporting by Walter Bianchi; Writing by Adam Jourdan)
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About the Author: Editorial team of BIPNs
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