The BCRA accelerated the drop in rates and took them to 25% after the announcement of the US Treasury and the dollar drop

He Central Bank (BCRA) accelerated the decline of short -term rates and took them to 25% after the new announcement of the US Treasury and the Dolk fallwhich in the last wheels fell below $ 1,350 and returned to levels prior to the legislative election in the Province of Buenos Aires.

The monetary authority reduced at 10 percentage points (PP) Your takeover posture in the passive passes On one day from the simultaneous wheels of Byma. This generated a cut in other short -term instruments such as Cautions.

It is worth remembering that these returns They were about 80% At the beginning of the month, in a context of strong financial volatility and growing pressure on the exchange rate. The level of this day is more in line with the average prior to the disarmament of the Lefis.

From the Consultant 1816 They pointed out in a report that the government could Take advantage of the positive change in the market conditions generated from the US support to the libertarian economic program to lower rateswhich are already below the 29% that the Lefis paid, or to contain (and/or lower) the spot.

For its part, Pedro Siaba SerrateHead of Research & Strategy in PPI, believes that “it is a successful measure to take advantage of the exchange rate after the trusted shock and the sale of agriculture, to lower the interest rate and perhaps buy some dollars (it is not confirmed).”

“Rate loss Helps give some air to the activity already in turn, Improve the perspective of the next tender Friday’s treasure. As they did before the previous tender, they reduce the rate to one day and seek that the market go to look for more return in the placement of the treasure, “he said in dialogue with Scope.

Shock of expectations and collapse in the dollar: how will the rates react?

After the exchange run last week, given the feeling that the exchange scheme was de facto expiration, the government managed to twist the expectations from overwhelming support statements by the US governmentwho joined the decision of Remove retentions Until October 31, or even complete sales for up to US $ 7,000 million.

This combo allowed the Central Bank (BCRA) to stop selling dollars and that the official exchange rate collapses 9.2% in just three days, to be currently located in the $ 1,338, increasingly far from the band’s roof (today almost at $ 1,478). That decline was largely supported by a AGRO DAILY DAILY LIQUIDATIONwhich exceeded US $ 4,000 million in this last wheel.

Within that framework, the reaction that interest rates were going to have was an unknown. If last week the yields in pesos showed an upward trend, in line with the official intention to discourage greater dollarization of portfolios, the logic indicated that this week the opposite was going to happen.

The decline of passive passes and ciones this Wednesday goes in that line, although no replicues were observed in the annual nominal rates of the fixed deadlines Badlar and Tamar. Indeed, this Wednesday these returns scored their fifth consecutive rise; In the case of the Badlar it was 46.44% (57.64% in effective terms), while Tamar climbed 48.81% (61.20% in effective terms).