Argentina implemented this Wednesday (17) a mechanism to encourage the inflow of foreign currency from exports of grains and derivatives, and thus seek increase the Central Bank’s monetary reserves.
The mechanism, through which the government expects around US$ 1 billion to inflow in the coming weeks, allows exporters to deposit in banks the dollars obtained from foreign trade, with the possibility of charging interest on these deposits through a letter issued by the monetary institution.
The Chamber of the Oil Industry of the Argentine Republic and the Grain Exporters Center said this Wednesday , in a statement, that the first operations with these special accounts “had a positive balance”.
“Although there are still some problems in the banks to open the special accounts in dollars, this scheme will continue to be used by exporters in the future”, said both entities, whose representatives have a weight of 48% in Argentine exports.
On August 4, the Central Bank of Argentina’s board approved this mechanism to stimulate the inflow of foreign resources from major exporters.
According to the agreement signed in March between Argentina and the International Monetary Fund (IMF), among other goals, the Central Bank must add US$ 5, 8 billion to its monetary reserves this year.
The monetary reserves of the Central Bank closed this Wednesday at US$ 36,902 billion, US$ 2,760 billion less than at the end of 2021.
Trade unions aligned with the Argentine government took to downtown Buenos Aires this Wednesday to express support for the government in the face of what they called “speculators”, but also to demand that President Alberto Fernández to curb the inflation that is liquidating Argentines’ incomes.
The General Confederation of Labor (CGT), the largest labor confederation in the country, dominated by Peronist union leaders, held a mass demonstration in the capital against “speculation” and “price makers”, which they blamed for Argentina’s high inflation of 71% per year in July.