Sunday , December 5 2021

The BCRA ruled rate of & # 39; reference to the lowest level in three months and was below 60%



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F & # 39; consistent measure & # 39; elimination & # 39; land & # 39; 60% for rate & # 39; reference, the Central Bank was cut & # 39; produces 59.1% per annum, the lowest since the end of & # 39; August. In just less than two months cut & # 39; 14 points 73.5% Percentage of 8 & # 39; October.

The body has Letters auction & # 39; Cash (LELIQ) To 7 days $ 177 040 million, Compared with maturity in day to 140 075 million pesos.

with – absorption & # 39; $ 36 965 million this Wednesday, the monetary entity bears LELIQ expectation of about $ 392 936 million from the beginning & # 39; October, When it began using the rate & # 39; these exclusive letters to banks as a reference to the financial market.

the – LELIQ stock approved $ 720,000 million, a 57% of & # 39; what adds Monetary Base (Bills and coins in circulation, deposits and checks for settlement of & # 39; current account), the average & # 39; their monthly was & # 39; $ 1.256 million million in & # 39; in November, according to the latest monitoring report of the BCRA Monetary Base.

The – expected date & # 39; it Wednesday seemed – decline in production of & # 39; LELIQ below 60%, After the Central Bank's decision to eliminate the current level & # 39; floor for rates & # 39; Interest due to a significant decline in expectations & # 39; inflation for two consecutive months.

the – the average rate of & # 39; & # 39 reduction was; 59.102%; the minimum rate adjudicated in & # 39; 56.998%, and the maximum given in 59.744% per annum.

"If the rate starts to decline, the economy will not begin", Explained the economist Horacio Larghi, Analyst at consultancy Invenómica, noting that "crosses the barrier & # 39; 60% and shows a trend & # 39; below change investor expectations"

These performances & # 39; reference are the less than 45% year on August 29 a & # 39; this year.

"The – rate & # 39; the interest rate is expected to deliver to May-June as inflation decreases For companies, b & # 39; in particular SMEs, the Rate of & # 39; high interest as it is a factor & # 39; distortion what complicate the chain of payments and financing. The credit generally is very low in & # 39; & # 39 terms, GDP ", he stressed. Eduardo Fracchia, Senior researcher at the Austral IAE University.

According to the Survey & # 39; the Market Expectations (REM) Of & # 39; in November, the market predicts that the rate of monetary policy will show a gradual decline from December 2018 to reaching 35% in & # 39; December 2019.

the – Pressure & # 39; above the exchange rate, After two years in which the value of the dollar had fallen & # 39; back, which increased by & # 39; a lower rate than & # 39; inflation, forcing the monetary authority to raise rates drastically & # 39; interest, which are double the annual 28.75% which started in 2018.

"F & # 39; October and November, the BCRA exceeded the goal of the Monetary Base (BM). The average of & # 39; each month were WB & # 39; 19,000 and 15,000 million pesos less than view & # 39; 1.271 million million respectively, "said the BCRA in & # 39; statement, the Monetary Policy Committee of the entity said it would continue to act with & # 39; focus during the coming months.

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