For the rest of the fixed-term deposits of the private sector, the guaranteed minimum rate is established at 61%.
After two months in which inflation showed a downward trend, “Prices accelerated in July in the context of the increase that was observed in financial volatility at the local level and that negatively affected inflation expectations,” the BCRA indicated.
Due to this, the BCRA considers it necessary to once again increase the monetary policy rate and thus accelerate the normalization process of the structure of active and passive interest rates of the economy to bring them closer to a positive terrain in real terms, in line with the Goals and Plans for 2022 established in December 2021.
The rise in the policy rate will help reduce inflation expectations for the remainder of the year and consolidate the financial and exchange rate stability achieved after the disruptive events of the last two months that led to the intervention of the BCRA in the secondary securities market. public.
The BCRA will continue to calibrate the policy interest rate within the framework of the ongoing monetary policy normalization process, paying special attention to the past and prospective evolution of the general level of prices and the dynamics of the foreign exchange market.
In this sense, the BCRA set the 180-day Leliq interest rate at a lower effective annual level than its corresponding 28-day rate, projecting a slowdown in the inflationary process.
In order to optimize the transmission of the monetary policy rate to the different segments of the financial system and the capital market, The possibility will be opened for the Common Investment Funds to arrange repo operations with the BCRA.
This action is complemented by a deepening of coordination efforts with the National Ministry of Economy so that the BCRA’s interest rate structure presents reasonable spreads with National Treasury bills.
Source: Ambito
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