On September 22, the Argentine government announced the temporary abolition of the pre-debit tax on exports of agricultural products such as cereals, beef and poultry meat.Argentina's president's spokesman Manuel Adorno said the measure will last until October 31.

According to Argentine media reports, the abolition of export withholding tax is to promote the country's agricultural sector to export more agricultural products, so as to increase the supply of US dollars and stabilize the local currency exchange rate. Analysts said that Argentina's Congress will hold mid-term elections in October, and temporarily canceling the withholding tax on some agricultural exports will help ease foreign exchange tensions before the election.

Recently, Argentina¡¯s financial markets have continued to be volatile, with the Argentine peso significantly devalued against the US dollar over the past month, and the bonds and stock markets synchronously declining.

In July, President Milley announced that he would permanently reduce the pre-debit tax on agricultural exports of beef, poultry, corn, chickpeas, oatmeal, soybeans and their by-products, reducing the tax rate on beef and poultry from 6.75% to 5%, corn and chickpeas from 12% to 9.5%, soybeans from 7.5% to 5.5%, soybeans from 33% to 26%, and soybeans from 31% to 24.5%.