He Minister of Economy, Luis Caputoyou must face an important challenge in next month and a half: you will have to refinance maturities for about $ 41 billionof which $ 11 billion now concludes in July, in the midst of a context of greater volatility and rises of the dollar.
Although the numbers look like very bulky, Market operators trust that you should not have major problems in placing all that mass of money, if you take into account the New environment of the banking system without fiscal liquidity letters (LEFI).
Among the operators, it is understood that Banks have a significant amount of weights to download in Lecaps.
In this regard, according to the center of Economic Studies of Banco ProviniTo “the exchange tensions of recent days They leave us a higher dollar, a higher interest rate and a more loaded debt profile. ”
The entity argues that “In July and August the treasure has to pay $ 41 billion (5% of GDP) And doing so in this context will be a challenge. ”
The entity details that in what Julio subtraction, on 29, $ 11 billion must be renewed. Then in the first call of August 13 there are commitments for $ 19 billion, while 27 close another $ 11 billion.
Matías Rajnerman, Banco Provinces economist considers to renew all that mass of pesos in this context can Be complex, which implies that an increase in rates must be offered.
A part of the payments At the end of the month it is due to the expiration of very short term LECAPS offered in the out -of -the -week tender of the week.
While FUncionaries of the Palace of Finance and the president of the Central Bank, Santiago Bausili, defend the decision to withdraw the Lefi as an instrument of monetary regulation, analysts and Operators were quite critical for the way it was done.
It is to remember that since July 10 andL BCRA stopped delivering Lefi and since July 17 these instruments expired. In return, the tNational ESORO went out to offer Lecaps (Chapterializable letters), but the movement exposed a huge mass of liquidity that was so far contained.
The BCRA stopped taking daily cash surpluses, which generated financial entities a strong excess money from destiny. In the first week the Interest rates collapsed and then the BCRA had to go out to abosorb with rates of 36%. Then the tender treasure took another $ 5 billion with the extraordinary call and with it the tendency of the dollar was extinguished for a few days. But at the end of the week the US currency rose again and exceeded $ 1,300.
That is, that The market was super liquid, with growth rates and in turn the dollar also up. He Next Friday the Ministry of Finance will announce the bond menu that will make available to the Banks and Common Funds of the last call of July That call looks as fundamental to bringing peace of mind.
Banks suggest changes to the exit of the Lefi
According to It transcended the banks would have claimed To the president of the BCRA, Santiago Bausili, some changes before the new scenario without Lefi. The problem is in daily liquidity surpluses, and in intradiaries.
Bausili explained in Una interview with a streaming channel that so far the BCRA every day at the end of the day withdrew to the surplus banks of pesos and returned them to the next day with the payment of a rate. That doesn’t happen anymore.
Banks then asked power Compute the surpluses of pesos that have one day left to integrate the position of the following day. They also asked the financial entity to expand the possibility of exposure to LECAP, since with the Lefi they did not have that limitation.
In the background from el Ministry of Economy is intended for banks to turn the weights that “have plenty” in credits, Especially to feed consumption, which would actually favor a remoteization.
The officials of the Treasury Palace are upset. They want “Banks work for banks” which can translate into the increase in financing to the private sector instead of dumping what is left over in the Central Bank. Bausili requires that “better plan their liquidity needs.”
Source: Ambito
