Argentina temporarily cancels pre-export taxes on agricultural products

The Argentine government announced on September 22 that it will temporarily cancel export duties on agricultural products such as grains, beef, and poultry. The spokesperson for the Argentine president, Manuel Adoni, stated that this measure will be in effect until October 31. In recent days, the Argentine financial markets have been in turmoil, with the Argentine peso depreciating by over 10% against the US dollar in the past month, and bonds and stocks markets plummeting simultaneously. Last week, the Argentine Central Bank used $1.1 billion of its foreign exchange reserves to intervene after the Argentine peso reached the upper limit of its exchange rate range.