The Treasury Palace came out thus to absorb liquidity, in a context in which some operators point out that there were calculations errors when devising the Lefi’s disarmament operation.
The Ministry of Economy ended Wednesday to give a strong signal to the market to discourage any type of volatility with the exchange rate, when capturing $ 4.7 billion in a tender out of the program whose objective was to avoid the collapse of the interest rate.
He Secretary of Finance, Pablo Quirno, He informed through his social network X account that in the day “$ 4,705 billion was awarded having received offers for a total of $ 4,922 billion.”
The Ministry of Economy tried to give a more than overwhelming signal to the operators. He came to pay rates of almost 48% per year to clear all doubt, in a week in which the dollar had slightly exceeded US $ 1,300. On the previous day the Central Bank had paid 36% rates in passes operation.
In previous reports, such as that of the Quantum consultant last week, it was estimated that the replacement process to the banks of the Fiscal Liquidity Letters (Lefi), which expired on July 10, by Lecaps and Boncaps, had left “loose” about $ 5 billion.
According to the official information, the extraordinary tender placements were the following:
LECAP:
- As of July 31 (S31L5) $ 1,553 billion at 3.31% monthly rate / 47.81% annual rate.
- As of August 15 (S15G5) $ 0.816 billion at 3.27% TEM / 47.07% Tiraa.
- As of August 28 (S29G5) $ 0.865 billion at 3.10% TEM / 44.29% TIRA.
- As of September 12 (S12S5) $ 0.280 billion at 3.05% TEM / 43.46% TIRA.
- As of September 30 (S30s5) $ 0.776 billion at 2.90% are / 40.91% thya.
BANCAP:
- As of October 17 (T17O5) $ 0.414 billion at 2.97% TEM / 42.00% Tirea.
Calculation and volatility error
“We believe that it will be a measure according to what Luis Caputo clarified by X that lasts until Friday to stabilize what would be a little short -term volatility,” said Rocco Abalsamo, financial advisor to Gold Cocos.
It should be remembered that the Excess pesos that began to be in the market is the product of the treasure operation to remove the bends of Lefis to the banks and deliver the short bonds that usually tends every week. Some analysts consider that the economic team erred in the calculations.
Aurum values He had warned: “What was done today (on Tuesday) by the BCRA with the rate that began to pay for the passive passes could have been resolved if the accounts of the leftover liquidity had been made that the end of the Lefi had to generate. The integration of the banks as we showed last week produced an extreme liquidity overflow that was going to generate low rate. The rate that the Treasury remunerated by the Lefi until last week is symptom of improvisation and bad praxis. “
The economist Gabriel Caamaño He commented: “The importance of the fiscal anchor is also relevant here, once discussed. Without that anchor, one of these false steps takes you because you were lazy of papers there and with the exposed treasure. Here you have more margin, even to make mistakes. Get a monument to the fiscal anchor,” he ironized.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
