Argentina Brings Back Exchange Rate That Led to IMF Exception

Argentina to provide soy exporters temporary exchange rate
Rate set at 230 pesos per dollar, lasts until Dec. 30

Sergio Massa, Argentina's economy minister.
Photographer: Anita Pouchard Serra/Bloomberg

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By Patrick Gillespie

November 26, 2022 at 12:07 AM UTC

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Argentina is reviving a currency measure to boost soy exports and prop up central bank reserves that generated backlash from the International Monetary Fund.

The government is giving a temporary exchange rate for soy exporters between Monday and Dec. 30, setting the new rate at 230 pesos per dollar, according to an Economy Ministry statement published Friday night. That’s much more lucrative that the official exchange rate of 166 per dollar that exporters currently get.