The reference rate ‘Leliq’ for the term of 28 days was set at 60% from a previous annual 52%, faced with an inflation expected by analysts that could exceed 90% this year, analysts and operators agreed.
A positive real rate is one of the points agreed between Argentina and the International Monetary Fund (IMF) in the agreement they closed in March to restructure a debt of 44,000 million dollars.
The rise arranged by the BCRA “gives an TEM (estimated monthly rate) of approximately 4.7% and a TEA (estimated annual rate) of almost 80%. It is still negative versus inflation and the official exchange rate, but less. It is adding rationality to the margin, should help” commented the economist from Consultora Ledesma, Gabriel Caamaño.
With this modification, it is the seventh consecutive rise in the “Leliq” rate so far this year.
On the other hand, the BCRA raised the rate for overnight repo operations -Rueda Repo- to 55%, while for the active yield at the same term it was set at 75%.
The monetary entity recently announced the implementation of a corridor to arrive at a scheme of positive interest rates in real terms for the economy.
The rate broker currently It is between 55% and 70%.
Source: Ambito
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