- A new foreign currency exchange rate has been announced by the government of Argentina.
- The so-called ‘wine dollar’ will be applied to wine exports from the beginning of April.
- The exchange rate has been designed to benefit producers affected by adverse weather conditions, and to create increased competitiveness in exports.
The government of Argentina has announced that a new foreign currency exchange rate is to be applied to wine exports.
The ‘wine dollar’ will be introduced on 1 April, and will come as part of the country’s efforts to consolidate growth and boost export competitiveness in the sector.
When buying international goods such as wine, exchange rates play a major role in the transactions. The ‘wine dollar’ will therefore give international consumers a dedicated exchange rate when purchasing wine from Argentina.
It is also important to consider what methods of money transfer are appropriate to ensure that the best rate is paid for transactions.
The exchange rate has been introduced as a measure to help Argentina’s wine markets to recover from a period of adverse weather conditions, with hail and frostcausing an estimated 21% drop in grape production in 2022.
Sergio Massa, Economy Minister of Argentina, said that the measure “aims at strengthening export competitiveness, gaining markets and consolidating the growth and productive development of those who generate 330,000 jobs in Argentina”.
“On 1 April, with the exchange competitiveness that the state puts in place for development, we must have more Argentine wine in the world,” said Massa.
Argentina is one of the world’s major wine producers, with over 12.4 million hectolitres produced annually.
The country exports around $780m of wine each year, which makes up 2.3% of all global wine exports.
Are you considering taking advantage of the Argentinian ‘wine dollar’? If so, take a look at our money transfer comparison tool to find the best way to purchase Argentinian wine.
