Argentine president says government will ask exporters to pay more to deal with economic 'emergency'

Argentine President Mauricio Macri said on Monday that the government would ask exporters, who have benefited from a sharp depreciation in the peso currency, to contribute more to the country's fiscal accounts as it aims to cut its budget deficit.

In a television address, Macri did not specify what measures the government would take, but said that while export taxes were "a bad tax", the current moment is an "emergency." Treasury Minister Nicolas Dujovne was expected to announce details of policy changes later on Monday.

The agriculture ministry said in a resolution in the government's official gazette it had decided to modify export taxes on grains, oilseed and their by-products. Argentina is the world's top exporter of soy meal and soy oil, and a leading shipper of corn, wheat and raw soybeans.

The Argentina peso is trading nearly 3 percent lower against the dollar.

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