UPDATE 1-Argentina to offer preferential 'soy dollar' for exports at 300 pesos per dollar

(Adds information, background) BUENOS AIRES, April 5 (Reuters) - Argentina's government on Wednesday announced a new plan setting a special exchange rate of 300 pesos per dollar to encourage soybean exports amid severe financial difficulties and foreign exchange shortages. The program, known locally as the "soy dollar," aims to increase sales and exports of soybeans and their derivatives by offering producers a higher exchange rate than the official rate. Economy Minister Sergio Massa said that the latest program will run from April 8 to May 31 and that there will also be tax benefits to favor small regional producers affected by the country's ongoing drought.

Argentina is the world's top exporter of soy meal and soy oil, and the "soy dollar" has spiked the influx of foreign currency to the cash-strapped central bank in the past.

The South American country's ruling Justicialist Party
expects

the policy will spur $15 billion dollars in soy exports between the second and third quarter, easing the hurdles farmers are facing in the midst of the drought.
(Reporting by Nicolas Misculin; Editing by Isabel Woodford)

Reuters

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UPDATE 1-Argentina to offer preferential &apos;soy dollar&apos; for exports at 300 pesos per dollar

By Reuters

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UPDATE 1-Argentina to offer preferential 'soy dollar' for exports at 300 pesos per dollar