After a day of strong rise in the dollar, the Central Bank of the Argentine Republic (BCRA) He decided to harden his monetary absorption strategy. Its president, Santiago Bausiliconfirmed that the Monetary Authority Board of Directors ordered A rise in bank lace up to 40% as of August 1.
Bausili He confirmed new measures of the BCRA tonight to absorb the weights that consider leftovers in the economy. Through the Communication “A” 8289the BCRA prepared to equate the level of lace.
For The deposits in view and an option of early cancellation, the common investment funds of Money Market and the stock marketing cion The minimum cash requirement will go from 30% to 40%. For cEUENTAS CURRENTES OR ACCOUNTS IN THE VIEW. It will rise from 36% to 40%.
“This will generate an incentive for banks to handle a peso balance in the current stories they have in the BCRA A little lower than they brought and, hopefully, more even in the month, “Bausili said in fucking streaming.
As he explained, from the monetary authority they detected that “there was a level of lace that was very low with respect to others only for who the depositor was and not because of the characteristic of the account.”
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At the same time, The BCRA reduces from 9% to 5% the portion of the lace that can be integrated with public titles, encouraging entities to add currency instruments in pesos.
Repairs to the measure
Market sources warned the risks of this measure. They considered that they generate a financial problem for banks. As they explained, the minimum cash is calculated to month, so during July they took pesos estimating a lace of 30%. With the new increase to 40% effective, that additional lace applies on balances that have already taken.
As the rise retroactively applies above all the July stock, it generates damage because in the end the weights taken were more expensive than they foresee, causing an unexpected impact on liquidity.
The mandate of the BCRA, according to Bausili
He President of the BCRA explained the mandate of his management: “Make sure we have the greatest amount of tools available to be able to operate in the corresponding market to address the imbalance that is generated “. This means that their objective is to ensure that the level of circulation of weights is what the system needs, avoiding any surplus that I generated inflation.
“We are monitoring the amount of money in system and we compare it with the amount that the system needs to work. We measure it through seeing the amount of money that banks need to have regulatory in their lace and in their current accounts in the BCRA. And we providing or removing the surplus of money, “Bausili explained.
Source: Ambito
