Global Courant
The impending end of the 4 soy dollar forced Sergio Massa to look for another way to achieve an inflow of foreign currency and yesterday he announced the Vaca Muerta dollar.
From this oil region, Sergio Massa announced a special benefit for oil tankers, for which he expects revenue of 1.2 billion US dollars.
It will work according to a scheme similar to that of agriculture and will have a double objective: to harass the sector so that it ends the year with record investments and to add a currency settlement to prevent a new increase in the exchange rate in the middle of the presidential election.
The advantage for companies in the hydrocarbon sector is that they can transact 25% of their exports at the Cash Settlement Rate (CCL), which closed yesterday at $778, without losing access to the Single and Free Foreign Exchange Market (MULC). ), where they bill at a wholesale exchange rate of $350.
“We have a track record in gas and oil production and a track record in investing in the hydrocarbon sector. But with the election result, some began to believe that uncertainty was slowing investment in the sector. We don’t want to stop creating jobs, nor do we want to stop drilling. For this reason, we have decided to recognize 25% of what they export and bring to Argentina to invest them in the value of the CCL dollar so that the level of investment in gas and oil increases in the next 60 days, which will ensure the stability of the Jobs guaranteed. and that we continue with the work,” explained Massa.
The measure will become known when the price of crude oil rises internationally.
Of the expected $1.2 billion, about $900 million would flow through the single and free foreign exchange market and another $300 million would flow through the cable dollar.
The measure applies for 30 days until October 25th. But as happened with the soybean dollar, it is expected to be extended for another 30 days, until November 25th.
As for the soybean dollar, it has already allowed us to expand the supply of foreign currencies and maintain the Central Bank’s buying streak in the foreign exchange market for 31 rounds, resulting in an increase of more than $ 1.64 billion during this period, according to Ecolatina led.
In this context, last Monday, agriculture contributed the largest dollar volume since August 11 before the PASO. According to data from Salvador Vitelli, the average daily settlement of the soybean dollar 4 was $76 million, above the $38 million after the devaluation but below the $165 million of the corn dollar in August.
However, despite the sectoral devaluation brought by the differential dollar system introduced in September, the monetary authority has been unable to accumulate reserves due to interventions to contain the financial dollar, a market that has begun to strain in recent days.
After the devaluation shock on August 14, which led to a 22% increase in the official dollar and an overheating of parallel quotes, the soybean stimulus helped stabilize the exchange rate gap by about 100%, as the soybean dollar 4 es exporters allows to sell 25% of foreign exchange financial markets. The same is expected from the Vaca Muerta dollar.
Especially with the elections approaching and a greater preference of investors and savers for dollarization, cash came back to life yesterday with the liquidation and the MEP. This Tuesday, the CCL rose to $775.56, an increase of $17, and the gap exceeded 120%.
