The owner of the Central Bank of the Argentine Republic (BCRA), Santiago Bausili, The bank announced on Friday that it had called a meeting with private banks on Monday to set the parameters of the new monetary policy scheme.
“I want to clarify that this is a normal exercise with the banks that should not generate any surprises or shocks,” Bausili said.
“We are going to implement a sterilization mechanism centered on monetary regulation letters that banks will have to use to divert their excess liquidity,” he explained.
Bausili also announced that in the next two weeks specific regulations will be published to put this “second stage” of the economic program into operation.
Meanwhile, in terms of reserves, he said that it was contemplated that reserves would be lost from June to September. “Within the stipulated program, a loss of 3 billion dollars was expected. It is normal. And in the third quarter they recover,” said the president of Central.
In turn, Caputo pointed out that the Government’s objective is to “banks begin to work as banks to lend to the private sector.” “That is why it is essential to reduce inflation,” he said.
Source: Ambito
