At the end of last year, between Passes, Leliq and other letters there were almost $4.752 billion, in January they climbed to $4.753 billion, but in February they jumped to $4.821 billion, in March they closed at $4.912 billion and today it exceeds $5.378 billion. In the middle is the migration process promoted by the BCRA so that the banks transfer from the Passes to the Letters, and the same goes to the Treasury, respecting the regulatory limits, in order to extend the average term of this debt that came operating at an average of 15 days and has already passed 50 days. Thus, the stock of Passes has fallen 75% so far this year and that of the Leliq grew 51%.
But such an expansion of money is unrelated, in an economy that, although it has rebounded after the impact of the global pandemic, remains stagnant and with a high annual inflation rate. A large part of the local analysts lower the decibles to the issue, considering that at some point it will be resolved, and while the pesos remain encapsulated in the BCRA, there are no major inflationary dangers. But this mess, which will have to be cleared up in one way or another, implies that the BCRA will issue, per month, no less than $150,000 million in interest on that debt. That is, $1.8 billion annually. And that, in the market they still discount that the BCRA will have to adjust the interest rate even more.
Expansion factors
In relation to the expansive factors, so far in April, with data up to the 20th, the Public Sector is the main issue factor, unlike previous months, in addition to interest payments. The Treasury has expanded by almost $325,000 million so far this month, and some $315,000 million net considering $10,000 million of currency purchases from the BCRA. Added to this expansion are more than $75,000 million in interest and $133,000 million via Repos. All this was absorbed via Leliq for $527,000 million. The rest is issued via the purchase of foreign currency on the market, for $13,000 million and almost $8,000 million from other BCRA operations.
Source: Ambito
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