In a context of high exchange and political sensitivity, the Central Bank of the Argentine Republic (BCRA) announced a series of measures to restrict liquidity in the economy and avoid pressures on dollar. The decision was formalized through communication to 8302 and will begin to govern since Monday.
The objective is clear: contain the dollar and absorb surplus weights of the financial system and reinforce monetary stability in the previous elections. The measure arrives after a tender of the Treasury that failed to renew all the maturities. Despite validating annual nominal rates of 69.2%, the Government only managed to capture $ 9,147 billion of the $ 14.98 billion that overcome, leaving around $ 5 billion in the hands of the banks that were not renewed.
That surplus of pesos, according to the official diagnosis, could press on the exchange rate if it is not rapidly absorbed. To avoid this scenario, the BCRA The level of bank lace decided to rise five percentage points, from 45% to 50% on sight deposits, common investment funds Money Market and other instruments in pesos.
In addition, it established that banks may no longer calculate their lace based on a monthly average, but must do it daily, which reduces their maneuvering margin and hardens control over liquidity.
Another novelty is that the five additional lace points can only be integrated with public titles awarded in the tender on Monday, which aligns monetary policy with the financing needs of the Treasury.
This tender will be exclusive for banks and only for your own portfolio, with titles adjusted by the Tamar and Expiration rate on November 28. The director of BCRAFederico Furiase, anticipated the measure on social networks: “The surplus weights of today’s tender will be immediately absorbed.
Demand
In this case, they will be absorbed mostly via increased lace with new public titles to be subscribed on Monday. ”In addition, the Central Bank Duplicate penalties for financial entities that fail to comply with the lace requirements.
The fine went from 1.5 times the wholesale tamar rate (49.75% TNA) three times that value, which seeks to discourage any diversion from the standards, both in lace and in foreign currency limits.
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