After the last days in which The Treasury and the Central Bank (BCRA) had to intervene in the market to avoid a collapse of the rate due to excess pesos and one rise from the dollar, the banks would have suggested some modifications, as the expansion of the exposure limits for LECAPS and the possibility of using surpluses of one day to integrate the next day, according to market sources.
In this regard, The IEB group He described in a recent report the problems that brought the disarmament of fiscal letters. “The opening of the stocks was almost perfect, but The end of the Lefis generated surprises and excess liquidity “he said.
“His disarmament was anticipated on July 10 and was replaced by Lecaps, altering the monetary base. The monetary base increased $ 10 billion Between July 8 and 10, promoting excess lace “said the Stock Exchange.
On the other hand, the IEB group mentions that “Banks went from fitting $ 13.7 billion in June to $ 19.2 billion After the ads: $ 5.5 billion more ”.
Market sources indicate that banks would have sent a note to the president of the BCRA, Santiago Bausiliwith some proposals. One of them is that They are allowed to compute the excesses of liquidity on account of the next day.
They would also have requested a mechanism to access weights immediately against bond guarantee, to liquidate within the same day. In addition, the proposal would include Exempt 90 -day LECAPS from exposure demands to the risk to the public sector and that those letters issued by the Treasury are taken to its technical value of 100% instead of the current 90%.
In this regard, the president of the BCRA also made a situation of the local financial system. “At the end of the day the banks are left over,” explained. In that sense, he recalled that the entity’s task was to correct that problem.
“Until the end of the Lefis, the banks did not have much to do because at 8 at night the bcra made a ´Barrido´ And what was in the accounts were carried, whether in paid liabilities and the 9 am the next day the interest of the day was accredited again, ”he described. This, now, is not carried out.
In that sense, he said that the government’s efforts to limit the amount of circulating weights revealed inefficiencies of the payment system. “If you pay an ark tax, you have to cancel it at 11 am, but if you rescue a common investment fund (FCI) they accredit it at 6:00 p.m. and that has a price,” The official said. In that sense, he considered that until now no one was made for those disassembly of hours because the weights abounded, but now in more it will be different.
Source: Ambito
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