Secretary of Agriculture, John Joseph Bahillo, criticized the decision of the Central Bank (BCRA) to prohibit access to the foreign exchange market to producers who liquidated under the “soybean dollar”. In this sense, the official appointed by Serge Massa acknowledged that the unexpected measure caused a “change in the rules of the game. “This measure generated a change in the rules of the game for the producers, because it modified the decisions that they had planned to make,” he considered when opening a new intern.
The decision of the monetary authority, which has been in force since Tuesday, prevents access to the foreign exchange market to producers who liquidated their holdings under the so-called “soybean dollar.” Nor will they be able to operate with titles and securities that are settled in foreign currency, according to NA. In this way, the BCRA continues to close the stocks to protect international reserves. In addition, it seeks to curb an increase in the price of the currency’s stock prices, such as the spot with liquidation or the MEP.
They notified him “minutes before” of the BCRA measure
Bahillo admitted that he found out about this measure “minutes before” it was spread, through “a collaborator” from the Ministry of Agriculture, who notified him. The official explained that most of the producers sold soybeans “to improve their working capital position, since they have a significant demand for inputs and technology to invest in the face of the thick harvest. That was the main destination of the funds.
But he assured that some of the soybeans “were positioning themselves in the MEP dollar or in the Contado with liquidation,” for which, he said, “it is possible that the Central Bank has decided on this new measure for this matter.” In statements to the “Russian Roulette” program, which is broadcast by FM Metro, Bahillo considered that those who accessed the financial quotes sought to “preserve the purchasing power” of their holdings.
“I don’t know when Massa found out, but he didn’t find out from me,” he assured, in addition to noting that he discussed the issue with the minister “a couple of times.” “In politics, sometimes the context conditions beyond what one wants, you have to understand it, it’s not bad,” he said regarding his assessment of the BCRA’s decision,
The settlements of the field
During the first weeks of the measure of origin there were not so many settlements, although with the recent modification that increased the price of the soybean dollar it grew. Over the past seven days, $2.3 billion has been accumulated as a result of the $3.5 billion that were liquidated although it is believed that several billion more still remain.
The BCRA had to issue some $480,000 million to meet the payment of $200 per dollar promised. With this recent modification, it is speculated that there will be fewer liquidations since, in order not to buy at the official dollar, many producers will be inclined to retain their crops, a measure of force that they have been applying for months.