The entities are affected by the Supercentas and the restriction of liquidity. The central pushes them to finance the treasure in Wednesday’s tender in an attempt to contain the pressure on the dollar.
“It’s a wet of ear”. Thus synthesized a source of an important financial entity, in dialogue with Scopehe discomfort that generated in the banks the new increase in lace. This announcement again raised the government’s tension with the sector, amid the attempts of the economic team for containing the strong volatility of the dollar that persists since the elimination of the Lefis, now increased by political noise.
From now on, of every $ 100 that enters deposits, more than $ 50 must be immobilized in the Central Bank. In this way, the Government reinforces the “Crowding Out”, a phenomenon that consists in displacement of the credit to the private sector towards financing to the public sector that can be by market or by regulation. This is the phenomenon contrary to the “anker point” that the Government led.
The official circular also introduced a new element: banks may Integrate that additional by subscription of letters and bonds in pesos with deadlines greater than 60 daysin the primary bidding of debt that will carry out the treasure this Wednesday. With this scheme, the government and the BCRA seek to continue drying the peso square and extend the deadline of the maturities.
Voltage with banks grows
The regulatory change, last moment – that surprised, having taken a Monday and not a Thursday in the traditional directory meetings – shows a I try to get ahead of the tender on Wednesday and “fence” the options of the banks. That is, to push entities to subscribe treasure titles (otherwise they would not have sued) so as not to keep more embedded pesos without remunerating.
Financial entities have been losing their profitability from the second quarter -as the latest corporate balances demonstrated. After the new rise rise, another source of the sector explained to this medium that there is a growing discomfort in the entities, especially in the treasury teams, which are pressed for the high funding costs and the lack of liquidity that they forced to cut the loan offerwaiting for political becoming.
In the market, after the dissemination of the regulations of the Central Bank, Some messages were circulating in chats and networks by comparing them with the old idea of the so -called “Simons Banking”, in which lace is directly 100% and there is no secondary secondary creation via loans. Despite the obvious differences between that system and the current one, illustrates the annoyance of the City when the highest level racks are completed since the end of the 80 ‘, when they were around 90% in the midst of hyperinflation and then be reduced strongly during convertibility. The last peak since then had been with Mauricio Macri (40%).
The monetary squeeze applied in recent weeks to contain the dollar brought the lace to 50%, so far. With the measure announced on Monday, they will increase to 53.5%.
However, the impact of these demands on banks seems to be limited by observing how the dynamics of the dollar was after the last tender outside the calendar carried out by the Treasury. The futures market continues to reflect pressures and, in the last wheel, the wholesale exchange rate climbed to $ 1,362with high volume operated and a Active BCRA intervention. Meanwhile, interest rates dynamics continues to show levels incompatible with an improvement in economic activity. To keep in mind, the LECAPS reached 60%, the 50%caution and the CER titles came to pay inflation+30%.
Finally, the Central Bank introduced a gesture in favor of banks to reduce cash lace by 2 pointsalso integrable in the tender. According to official sources, this decision responds to Entities’ proposals in the last meetings they had to explain the measuresin which the banks raised harsh criticism, as revealed Scope.
On the expectation of the new tender, the analyst Andrés Reschini told this medium that the economic team will achieve a good percentage of refinancing: “What the treasure is looking for is to achieve role and to reduce the risk that the weights will swell the money supply in the short term. That is why it only offers two instruments with short expiration (September 30) and the rest of the last threshold of 2025. The tender forces to raise lace and allows them to be made through Treasury letters with expiration greater than 60 days acquired in primary operation.
The 1816 analysts pointed out, finally, that it is “difficult to rule out that there are no new increases in hinge lace to the October elections.” Everything seems to demonstrate that monetary policy continues to be shipwrecked in the fluctuations of politics.
Source: Ambito
