After the end of the Lefis, $ 10 billion were injected that collapsed rates, lecaps and fixed deadlines, and the market adjusts the curve in pesos.
After the end of the Liquidity Lyrics (LEFIS) there was an injection last week in the system of $ 10 billion that were at the hands of the banks and generated A very strong decline in the cionon the one hand, and In Lecapson the other. This also caused The rate paid by banks for fixed deadlines will fall strongly. Scope analyzed How the curve will continue to rearrange in pesos and what could happen in the short term with rates.
It should be noted that Liquidity lyrics (Lefis) ceased to formally exist on July 10when the Central Bank stopped offering them to banks for subscription. This change, which had already been announced long ago, was sought by the authorities as a strategy to normalize monetary policy and reduce the issuance of pesos. With the end of the Lefis, the BCRA sought to migrate these pesos to other treasure options.
Given this, the economist José Ignacio Bano He reviewed in talk with this medium what happened the last week with the extinction of this financial instrument. “If you are the treasurer of a bank and you have a lot That is why there was a lot“
For its part, for the economist Leonardo Anzalonedirector of CEPEChe explained that, with this decision of the government that involved canceling Lefis’s placements, “orders the peso market by allowing rates to be defined more freewithout an artificial floor. This explains the decline we are seeing in the fixed deadlines and other short -term placations, a movement that probably continues gradually. “
That is why in the last hours it was evidenced A decrease in several percentage points in the yields that banks are willing to give their clients for peso placements. At this time, however, the bank that pays the most for leaving money deposited within a fixed period is Galicia more with 30.25% TNA, followed by CREDICOOP BANK and BBVA Bank With 29.5% and then: City Bank (29%), Province Bank (29%), Banco Galicia (27%), Macro Bank (28%), Nation Bank (28%), and ICBC (27.1%).
Fixed deadlines, rates and what could happen in the short term
How to what can we expect in the short term, for Bano The rates will be located at a lower level than a month ago, but higher than last Friday. As for the causes that press down to the rates, he explained that he is: on the one hand, andl Disinflation process that projects for last month under 2%on the other, That liquidity injection into the banks money marketand finally that There is still a stretch to accommodate down since we saw a 30% tir until just a few days ago.
In turn, for Anzalone: “This rate of rates not only helps the monetary planning already sustain the disinflation process, but also collaborates with economic growth, since it lowers credit for families and companies. In short, it is another step in financial standardization, with a more transparent and less distortions market, generating conditions for weights to be channeled towards productive credit, accompanying a stronger economic recovery. “
Source: Ambito
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