In the current layout of monetary policy, Although the Central Bank sets the pace for corrections, “ideally” the Treasury offers yields between 6 and 7 percentage points above. In the last auction, the TNA of the shortest Lede (due in December) was 75.34%. It is to be expected that, to accompany Thursday’s movement, the Ministry of Finance (led by Eduardo Setti) will also raise the yields of the instruments that it will tender in the coming days.
Federico Furiase, director of anker, He pointed out that the correction of rates is also necessary to decompress the monetary expansion produced by the injection of pesos thanks to the soybean dollar. “The BCRA has to raise the rate for three reasons: first, to align the reference rate (today at 5.7 per month) to the new rhythm of the crawling of the official exchange rate (in the area of 6.5% per month); second, to strengthen the tool for sterilizing the surplus of pesos against the monetary issue generated by the soybean dollar; and, thirdly, to anchor inflationary expectations and the positive real rate cushion against a very complicated inertia”.
The issue of positive real rates was one of the points made by the International Monetary Fund in its statement on Monday, after the meeting between Sergio Massa and Kristalina Georgieva. The organization recognized as one of the “conclusive advances achieved” the “solid and consistent implementation of the monetary policy framework to ensure the current objective of sustaining positive real interest rates.” As Ámbito learned, the second quarter would be approved and a more lax reserve accumulation goal would be defined for the third quarter.
From now on, the financial team is finishing defining a possible swap operation. As this newspaper had published a month ago, national officials were analyzing the convenience of reopening an operation that would allow the maturities of the titles of the last months of the year to be extended, although at that time they were still focused on the accumulation of reserves and financing the deficit.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
