In this way, the monetary authority seeks to “reinforce the strength of the financial system and strengthen the monetary regime based on the control of aggregates.”
The Central Bank (BCRA) will increase from 20% to 30% the requirement of minimum lace for deposits in pesos in view of common investment funds (FCI) Money Market and Caúlucos. The decision was made after the volatility that interest rates had in recent days and will press the performance of virtual wallets.
From the monetary authority they explained that this measure seeks to “increase the lace of the items that generate greater volatility and increase credit to the private sectorreinforcing the solidity of the financial system; and strengthening the monetary regime based on the control of aggregates. “
Market sources indicated that The BCRA also intends to absorb pesos from the marketin a context in which the surplus that remained in circulation after the disarmament of fiscal liquidity letters (Lefis) added greater pressure on an already overheated exchange market.
The BCRA intervened in the rates after strong volatility
At first, that liquidity generated an abrupt collapse of interest rates, something that was particularly accentuated in the cautions, where the return went from the area of 35% to approximately 15%. Faced with this movement, the BCRA began to intervene, both with Sale of Lecaps in the secondary market as with the Reactivation of passive passesfor which it came to pay rates of up to 36%.
In parallel, The Ministry of Economy validated annual effective rates (TEA) between 40% and 47% in the last debt tender in pesos.
The Caiós accompanied this bullish rebound. However, With the recent lace adjustment, the central expects the yields to stabilize at a lower level. The same should happen with the FCI Money Market.
It is worth remembering that both are very short -term and high liquidity investment instrumentsthat allows financial institutions to recover the weights when they wish.
Also, this will have a Important impact on virtual walletsthat have the Money Market as one of the favorite investments.
Source: Ambito
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