Argentina creates ‘soy dollars’ as export aid

Argentine’s economy and government are in bad shape, so the country’s central bank has taken steps to encourage farmers to sell and export soybeans. A statement from the central bank says that the new system will let farmers get a better exchange rate for US dollars than what the official foreign exchange market can offer. On Wednesday, newspapers in Argentina like “La Nación” and “Clarn” talked about a “soy dollar.” You should be able to get this until August 31.

Argentina is a big exporter and producer of agricultural goods, like soy and grains. Agriculture is the most competitive industry in the South American country. About 70% of the country’s foreign exchange earnings come from agriculture.

But farmers are upset about high taxes, limits on foreign exchange, and inflation. There are also high export duties on a lot of agricultural goods. Argentina has a lot of debt and is in the middle of a serious economic and political crisis. Recently, thousands of Argentinians took to the streets to protest high inflation and changes to the social system. Farmers also took to the streets to protest taxes and fuel shortages.