This will be done after the board meeting on Thursday. The procedure for managing liquidity with banks will be regulated, which will begin to operate this month. In addition, the fiscal letter will be exempted from the financing limit for the public sector that the entities have.
The Central Bank is preparing to issue the rules that will regulate the operation of the future monetary scheme, which the Government called the “second stage” of the economic plan. In principle, according to what Ámbito was able to find out, they would be issued after the Board meeting this Thursday. On Wednesday, the Executive published the decree that authorizes the Treasury to issue the new Liquidity Fiscal Letters (LEFI), which will be used to complete the migration of the remunerated debt from the BCRA to the treasury.
According to what this media outlet was able to find out, the Central Bank would publish more than one communication to regulate different aspects. One of them will establish the regulatory framework for the operation that the entity headed by Santiago Bausili will use to manage liquidity with banks, through a scheme of buying and selling LEFI.
A high-ranking official source told Ámbito that a date will be set “from which the operation will be implemented.” They aim for it to start operating this month.
Another of the communications will exempt the fiscal letter from the cap on public sector financing that banks have, that is, they will be allowed to subscribe to the LEFI (which will be issued by the Treasury but managed by the BCRA) without violating the credit fractioning regulations. This is the same criterion that was already used with the LECAP that financial institutions buy after the dismantling of passive repurchase agreements.
Note in development
Source: Ambito
