In accordance with Joint Resolution 52/2022 published in the Official Gazette, the purpose of the letter is to “withdraw excess liquidity” in the different departments. The issue is at a subscription price at par, and will accrue interest at the Badlar rate for public banks, whose last closing was 68.06% per year.
The measure aims to get every last peso available to be able to reach the goals of the primary fiscal deficit by December 31 and financial agreements agreed with the International Monetary Fund, taking into account that December is a month of higher expenses.
Already in June, the former Minister of Economy Silvina Batakis had arranged to maintain a tight control of expenses through a single account system. Batakis had arranged for the payment of expenses based on income. Later, upon reaching the same position, Sergio Massa ordered a similar measure in which he forced the different State agencies to send him the surplus pesos they had in their possession.
Source: Ambito
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