Urged by accumulating reserves – in the countdown to try to fulfill the goal with the FMI- and consolidate the control of monetary aggregates, The Central Bank (BCRA) announced on Monday a battery of measures, among which are the confirmation of New repo (short -term loan) with financial entities, and the launch of monthly bond bonds in dollars, for both resident investors, and foreigners, in the latter case without the minimum permanence of six months.
With the central idea of sanitizing the BCRA, and continuing with inflation disinflation, the authority convened a second tender for its resting program with international banks through a Additional broadcast of up to US $ 2,000 million scheduled for next Wednesday, June 11. Recall that last January, a first repo had been completed with banks for US $ 1 billion.
The measures are framed in the commitments assumed by the country with the recent new agreement before the Fund, at a time when the gross reserves of the BCRA are currently located at US $ 38,602 million. The first review of objectives with the IMF foresees a Increase of about US $ 4,400 million in net reserves.
The recent launch of the so -called phase 3 of the economic program, announced in mid -April, included the Flexibility and exchange flotation next to the support of the sanitation of BCRA itself in the middle of an aggregate perfected scheme to strengthen the monetary regime.
The government comes from placing a 2030 bonus for which it captured U $ 1 billion, that went to the BCRA reserves. Within that framework, the Ministry of Finance of the Ministry of Economy announced that it will incorporate, in the plan of public title tenders by 2025, the modality of direct subscription in dollars. This option will be available from this month for collection with deadlines exceeding one year, with a monthly limit of US $ 1 billion.
In addition, not without controversy, they announced that “The minimum permanence deadlines will be eliminated for non -residents who invest through the change free market (MLC) or in primary placements of the Ministry of Economy with maturities over six months. “ “Inexplicable the elimination of the minimum permanence of 6 months to the financial capitals of outside. We did not learn anything,” The economist Juan Manuel Telechea analyzed in X.
Puts contracts, Bopreal 4, End of Lefis
In another order, the BCRA He reported that “it will advance in the elimination of potential sources of monetary expansion, sanitizing their balance and strengthening control of monetary aggregates. For this, on June 10, 2025 there will be a repurchase of ‘puts’ contracts on treasure titles held by banks, complementing the operation carried out on July 18, 2024”. He added that “this measure, aligned with a monetary policy focused on monetary aggregates, guarantees a greater control over the amount of money and reinforces the predictability in the reduction of inflation, by eliminating potential sources of discretionary monetary emission. “
Another of the ads was the Issuance of a new Bopreal Bonus to regularize the payment of debt and rotation of dividends of companies abroad.
That package includes the Elimination of Lefi letters in replacement of another treasure. “This rearrangement consolidates a more conventional monetary aggregate control frame, eliminating the notion of ‘monetary policy rate’ typical of schemes such as the ‘inflation targeting’. In its place, the Interest rate will be determined endogenously by the market, in line with a regime focused on monetary aggregates “, The statement of the monetary authority highlighted. The current reference rate is 29% per year.
Source: Ambito
