The monetary authority formalized this Thursday a key modification in the operation of its immediate liquidity window, the mechanism by which banks can sell bonds used as lace.
In the middle of a square tension by the Lefis output and the shooting of short -term rates, the Central Bank (BCRA) This Thursday formalized a key modification in the operation of its window of Immediate liquiditythe mechanism by which Banks can sell bonds used as lace.
Through the Communication “B” 13.021 – which has as a recipients the banks- which will begin to govern As of next Monday, July 28the BCRA reorder the schedules and charging and confirmation conditions of these operations.
From the agency they explained to Scope that “It is a window that always existed and that never closed. As the open market adjusted its schedules, this window also adjusts it,”.
The decision is known after the A DAY CAUPATION RATE SALE THIS WEEK AT 80% TNAand then moderate and stabilize this Thursday around 30%-35%. In the market they attribute part of that correction to the expectations generated by this operational flexibility.
However, for market analysts, The measure is not enough to solve the background problem. Salvador VitelliHead of Research by Romano Group, was categorical in dialogue with scope: “It is not at all a closed issue. The market reacted with some expectation because the bond rate fell from 35%-36%to 30%, but that does not mean that the issue of liquidity is resolved, much less what banks claim.”
The specialist remarked that, although the initiative provides some flexibility, The scheme maintains important rigidities: “Banks can sell at marked price only bonds that have been in lace and that have been acquired in primary placements. The BCRA sets them a price and the entities decide whether or not.
Immediate liquidity window: This will be the operation since Monday
The new operational dynamics will be structured as follows:
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Load of titles offered: The previous business day to the liquidation date, between the 19:00 and 20:30or the same day of the operationamong the 8:30 and 9:30. A maximum of three loads per day.
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Sale confirmation: The BCRA will indicate purchase prices between 9:00 and 10:00 of the same day. In that range, financial institutions will decide whether or not they accept the proposed values.
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No rate limits: From the central they clarified that There will be no fee bumps per titlewhich gives more margin to negotiation.
Source: Ambito
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