“Historically, the second half of January the demand for money falls, and the BCRA begins to prepare for a less friendly scenario in that sense,” they explain to Ámbito from the Bull Market Broker Research Team.
They comment that, during the first fortnight of the month, there was a net outflow of money market funds (around 55,000 million), and this indicates that this would be associated with agricultural companies that began to migrate to the MEP dollar. Given this reality, they consider that “this rate increase puts pressure on surety instruments so that they have a small jump to 70% of TNA.”
This measure adds to last week’s decision of the BCRA to raise by 200 the rate for passive repo operations with a term of 1 business day. It should be remembered that last Wednesday, this index was raised from 70% to 72%, while, for active operations with a term of 1 business day, it went from 95% to 97%.
And, before that decision, it had communicated that it would keep the reference rate unchanged at 75% (TNA), with an effective annual rate (TEA) of 107%. Likewise, these measures take place in a context in which the Government began its debt buyback strategy for US$1,000 million.
(news in development)
Source: Ambito
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