According to the Quantum consultant, a third of the money that the banks had immobilized in the letters that the treasure just removed, was put into circulation.
After the treasure stopped issuing fiscal liquidity letters (Lefi, S), which was the instrument that the Central Bank used to do monetary policy, to make monetary policy, A third of the immobilized money would have returned to the market, crushing interest rates.
This was stated by the Quantum consultant In your latest weekly report. “In this week and as established, the Lefis, a stock of $ 15.5 billion were eliminated. Approximately one third, $ 5.5 billion were replaced by Lecaps in the tender of this week, another third went to recomposition of the minimum cash of the banks, movement associated with compliance with the regulations and the punctual handling of treasury and The remaining third turned to the market, with an impact on the short -term interest rate “says the Quantum report.
From the consultant directed by the economist Daniel Marx It is pointed out that this Friday “The 3 -day hounding rate loudly at 16% annual nominal “.
“This change could have some Impact on inflation or devaluation expectations If the additional weight demand is not enough to contain the increase in the supply associated with the disarmament of the Lefis. In any case, the context is of loans and deposits in pesos that continue to expand, “warns the report.
Quantum states that “Since April 14, when this new monetary and exchange phase begins, the monetary base fell $ 1.27 billion In nominal terms. “
“That absorption occurred in the context of monetary base expansion due to the assistance that the BCRA gave to the treasure associated with the TRANSFER OF ACCOUNTING PROFITS OF THE BCRA OF 2024transfer for $ 11.97 billion that was made at the end of April, “adds the consultant.
In that sense, the report maintains that “Net assistance for $ 8.24 billion was counteracted with absorption through Lefis operations for $ 8.47 billion and the placement of Bopreal 4 and other movements for a total of $ 1.04 billion. “
This week in the first call for tender of the month the government achieved an important placement of titles that served to channel the disarmament of Lefi´s.
As officially reported by $ 2.9 billion maturities in pesos The government placed about $ 8.5 billion With a rollover d rate295%. Most of the money was headed for the Lecaps that have shorter deadlines.
Source: Ambito
