The BCRA lowered the monetary policy rate this Thursday, in line with what the market expected.
As expected, the Central Bank (BCRA) This Thursday, it ordered a new reduction in the monetary policy rate (which is the rate for overnight repos). The adjustment this time is 10% and he took it from 80% to 70%, which is equivalent to a monthly effective yield (TEM) 5.4% and one annual effective rate (TEA) of 101.2%. Likewise, the reserve requirements for paid accounts increased from 0% to 10%.
Banks began to react immediately to this news and interest rates fixed terms of 30 days They were corrected instantly. Banco Nación (BNA) had already taken it from 70% to 65% in the week. And, this Thursday, others began to follow the same path. Of the main ones, some have not yet updated their percentages, but what they did have brought them, in general terms, to between 68% (Banco Macro) and 66% (BBVA) as of today.
So, for example, a traditional fixed term At Banco Nación it has a monthly yield of 5.3%, well below the inflation level. With this data, as the economist Pablo Ferrari points out, “the first thing that is verified is the persistence of rates below inflationwhich continues the policy of deterioration of the peso, carried out by the Government.” He indicates that this is combined with a stable or declining dollar, which results in “a policy that brings together liquefaction and recession” as main instruments to combat inflation.
A key date to lower the rate
The data is known just one day before the National Institute of Statistics and Censuses (INDEC) release the Consumer Price Index (CPI), which the Government expects to be around 10%, although the market does not rule out it being a little higher.
However, as he warns Ambit an official source, this responds to the fact that “the lowering of rates is not linked to CPI as before, but is more in line with the dismantling of remunerated liabilities, with reductions in the quasi-fiscal deficit and with the objective of look at Treasury tenders“.
That is why, on the other hand, the news is known just the day the results of the Treasury tender will be announced which was announced this Tuesday. And the Government’s objective is to drive investments there and, with this new rate cut, make the low yield of the Capitalization Letters (LECAP) more attractive, which in the previous tender was 5.5% and this perhaps it could be lower (around 5.3%).
Source: Ambito
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