Reestablishment and Expansion of Export Increase Program

On April 9, 2023, through Decree No. 194/2023, the Argentine Executive Branch  reinstated and extended the Exports Increase Program on an extraordinary and transitory basis, to strengthen the Argentine Central Bank reserves. The Program was had initially been implemented through Decree No. 576/2022 and later reestablished through Decree 787/222. For further details on the creation of the Program, see this article: https://www.marval.com/publicacion/dolar-soja-un-nuevo-programa-busca-fortalecer-las-reservas-del-banco-central-de-la-republica-argentina-14314&lang=en

The Program is aimed at those who have exported soybean in the last 18 months . To adhere to it, the countervalue of exports must be repatriated through the foreign exchange market. As an incentive, settlements will be at an exchange rate of ARS 300 per US dollar (higher than the official dollar, quoted at approximately ARS 230).

Transactions under the Program can be arranged up until May 31, 2023.

The Decree also extraordinarily and temporarily extends the Program to different areas of the economy, to encourage exports and repatriation of foreign currency.

This incentive is aimed at those exporting these groups of goods, among others:

1. Animal and vegetable products, including fats, oils, waxes, beverages, alcoholic liquids, and tobacco.

2. Chemical products.

3. Wood and coal.

4. Textiles.

Exporters must comply with the eligibility requirements the Ministry of Economy established, considering:

1. The supply capacity in the local market.

2. The employment it creates.

3. Compliance with sectorial price agreements.

Applicants must have exported goods whose tariff positions are included in the extension of the program during the last 18 months.

Adhesion to the program is voluntary and, as an incentive for exporting and liquidating foreign currency, adherents will enjoy the same benefits exporters of soybean do.

The deadline for liquidating foreign currency through the extension of the program is August 31, 2023.