Overview
- The government set export taxes to zero on grains and later on poultry and beef until October 31 to boost dollar supply, urging producers to liquidate foreign currency into the market.
- Officials say the move seeks faster inflows to the wholesale FX market, with private estimates putting the fiscal cost at roughly US$1.0–1.5 billion, or about 0.15%–0.25% of GDP.
- Markets rallied after U.S. Treasury Secretary Scott Bessent said Washington would do what is necessary to help, as the peso strengthened near $1,430–$1,440 and country risk fell toward ~1,100 after last week’s US$1.11 billion BCRA reserve sales.
- President Javier Milei departed for New York to seek backing from President Donald Trump and meet IMF chief Kristalina Georgieva, as reports of a possible U.S. swap near US$2 billion remain unconfirmed.
- Governors from the Provincias Unidas bloc and economists including Emanuel Álvarez Agis condemned the measure as electoral, demanding permanent elimination of retenciones and warning about inflation distortions and medium‑term risks.