Argentina announced a Soy dollar exchange rate to rev up its Soybean exports. “The 230 pesos per US dollar exchange rate for soybeans and their derivatives will start on Monday, 28th November”, as quoted by Economy Minister Sergio Massa. Currently, the official rate hovers around 165 pesos. The government is anticipating to collect at least $3 billion.
The ‘Soy Dollar’ in September had brought in almost $8 billion to the country, with around $5 billion remaining in central bank reserves.