With an announcement of an agreement with the IMF in April and raising shares to a person, the Central Bank announced a certificate of death of letters at financial liquidity (Lefi). They had little life: they were born last year to eliminate the endogenous broadcast of Peso Bcra, which caused the interests of Leliq (liquidity letters).
It was during the assumption of the current administration that one of the big problems was a “bomb of a sunbed”, these rewards of BCRA.
Santiago Bausheli announced in April that BCRA, that Lefi would have as a repayment date on July 17. To date, he will cease to offer banks the opportunity to subscribe to them.
“Initially, Lefi, absorbed the liquidity of an excess bank, transferring an obligation to their remuneration to the national treasury. Banks used Lefi to manage their liquidity in the context of the transition in the direction of the monetary structure, focused on the elimination of inflation and encourage loan to the private sector. In April, their shares were reduced.
The placement of Lefi, for predetermined bets without a secondary market, attracted funds, which, according to BCRA, could be directed in the orderly monetary system in accordance with the usual liquidity alternatives.
“From now on, banks can reorient these residues to other applications, such as their current BCRA accounts, the names of the Ministry of Economics, warnings in the private market or other tools that they determine,” they distinguish in BCRA.
Play promotion
On Tuesday, the market expected the disappearance of Lefi. Also on Monday with a tender tender, which exceeded 295%, awarding documents for $ 8.5 billion.
The speed of bonds in the stock market is the lowest in the market in Peso today: on Tuesday it gave only 23% per year. This segment may not be excited in the next few days, but it is expected that the profitability of Lecap and Bancap will do this on the basis of possible demand that arises from banks for this role.
Both A3 Markets and Mae and Byma launched products and directed various operations between banks with Lecap in their appropriate rooms with a daily excess of liquidity that they possess.
Reorganization
For BCRA, this reorganization indicates a more common structure of monetary monitoring control, excluding what is usually called the “interests of politics”, typical of such schemes as “inflation targeting”, which establish inflation targets, such as those used in the management of Maurisio Makri.
Bausili has as a goal that the interest rate is determined “endogenous” by the market, in accordance with this regime, focused on cash units. The speed will have various Lecap as performance.
Changes occur in the middle of a more cautious market, with a dollar in the center of the stage. Investors are close until this happens in the Congress with appeal to bills aimed at removing funds from the country for provinces. Yesterday in New York there was a failure of stocks. A strange risk moves about 700 points. Pause mode.
