A temporary surge in farm-export dollars has prompted Argentines to purchase cheap greenbacks, draining the very reserves President Javier Milei’s government is trying to rebuild.
The farm sector has sold nearly US$6 billion in dollar holdings since the government temporarily scrapped grain export taxes this month. Exporters had to liquidate almost all of a set quota within days to qualify for the tax exemption, which expired last week. Yet the Treasury bought just US$2.2 billion, less than 40 percent of the total, according to official data.
Local bank executives found that, ins
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