Argentina to revive 'soy dollar' FX rate until year-end, source says
BUENOS AIRES, Nov 25 (Reuters) - Argentina will
reestablish a preferential currency exchange for soybean exports
until the end of the year, an economy ministry source said on
Friday, looking to rev up exports of its top cash crop and bring
in much-needed dollars.
The government, which spurred huge soy exports in September
with the so-called "soy dollar" rate, has agreed a 'floor' of
some $3 billion in exports with grains firms, the source added.
Argentina is the world's top exporter of processed soy oil
and meal, but high inflation and tight capital controls have at
times led farmers to hold onto their crops as a hedge against
the local currency devaluing.
(Reporting by Eliana Raszewski; Writing by Adam Jourdan)
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