Today, the Board of the BCRA has approved a new instrument for agricultural producers who sell their soybean harvest, in line with the benefits applicable to the manufacturing, energy and knowledge industries with increased exports.
In this case, producers will be allowed to make a sight deposit in financial institutions with a daily variable return based on the evolution of the exchange rate as per Communication A 3500, known as dollar-linked deposits, for up to 70% of the amount of the grains sold.
The remaining 30% may be used for the build-up of foreign assets at the value of the official dollar plus the PAIS tax and the withholdings collected by the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP).
This decision of the BCRA seeks to balance the position of agricultural producers with the benefits enjoyed by other productive sectors. These benefits include the free availability of foreign currency applicable to the manufacturing industry in the event of an increase in exports compared to the previous year; the Investment Promotion Regime for Exports, or the regime for the knowledge industry, under which part of the increase in exports may be allocated to the payment of the payroll.
The regime for the sale of soybean harvest will be in force until August 31. During the time that this regime is in effect, producers will be able to purchase foreign currency for 30% of the funds obtained from the sale of grains for export and place the remaining 70% on a sight deposit and receive a variable return linked to the exchange rate evolution.
