Pesce noted that the rise in the Liquidation Account was due to speculative maneuvers and that tomorrow the BCRA board will analyze the situation
Miguel Ángel Pesce announced that the Central Bank will analyze measures to contain the Liquidated Counted Dollar that shot up in recent days exceeding 110 pesos.
The Board of the monetary authority on Thursday will meet and analyze the progress of the exchange rate and the rates offered by banks for fixed terms.
The greater amount of pesos held by the banks and the public press, in part, to the rise in the price of the US ticket and, on the other hand, financial institutions offer a TNA (Annual Nominal Rate) that move between 20% and 30% for a fixed term of 30 days, well below inflation.
The President of the monetary authority he referred to the emission that the Government is executing in the framework of the aggravated economic crisis due to the coronavirus pandemic: “The expansion that the monetary base has had recently has not had to do with the monetization of the deficit, what has happened is that the Central Bank has decided not to renew the letters that the banks had, we have returned money for more than 460 billion pesos with the intention that this money will be provided, “Pesce explained, ruling out that it has to do with” financial assistance to the public sector “in recent weeks.
Speaking to TN, he stated that in the coming weeks “The monetary expansion due to transitory advances that the Central Bank has granted to the Government will have an impact. We hope that when that money turns around, the financial system and the capital market can digest it and that money goes to investment and growth. “
Consulted by the increase of the dollar Counted with Liquidation that quoted this day to 110.96 pesos, Pesce pointed to “speculative maneuvers” that were carried out “when we released those Leliqs and put them in the current accounts of the banks, which caused a very sharp fall in the interest rate and some have taken advantage of those circumstances. “
“They have taken advantage of the circumstances of the conjuncture where the branches of the banks were not open and the low interest rate in order to carry out speculative maneuvers that have acted on the bond markets where these types of changes are reflected, such as the Cash Settlement system or its local version, which is the mep dollar, “he explained.
Regarding the dollar “with which most of the Argentine economy works,” he said he is “calm.” “We have had no shocks or claims that this exchange rate is delayed,” he said.
In another excerpt from the interview, Pesce said they will focus on the rate cuts offered by banks for fixed terms. “We had planned a drop in the interest rate, a while ago the Central Bank created a fixed term in which banks are obliged to offer them to their clients, which is taking into account inflation plus 1.5% per year. Yes people are not happy with the nominal rate offered by banks with normal fixed terms, they can turn to it. ” “To take care of people’s savings we have that fixed term,” he added, adding that they will take measures to “take care of the nominal fixed-term rate for people and the small saver.”
Asked about the possibility of quasi-currencies returning, Pesce said “it won’t be necessary.” “The government is going to agree common fiscal programs with the provinces, the issuance of such instruments will not be necessary,” he added.
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