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BCRA Hikes Reserve Requirements To 15%

ARGENTINA
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  • The BCRA raised reserve requirements for money markets to 15% yesterday, from 10% previously. The hike followed the announcement that the central bank had cut its benchmark overnight reverse repo rate by another 10pp to 50%, taking total easing in the last month alone to 30pp and 83pp since December. The BCRA said that the moves will reduce excess liquidity and represent a central element to the elimination of capital controls. It also noted the fast adjustment of inflation expectations and strengthening of the fiscal anchor.
  • Foreign Affairs Minister Mondino is due to meet with French Foreign Minister Stéphane Séjourné as well as Finance Minister Bruno Le Maire in Paris today. Yesterday, Mondino and Finance Secretary Quirno met with OECD officials to discuss the country’s accession process to the organisation.
  • On the data front, the government’s tax revenue came in at ARS 8.664tn in April, up from ARS 7.727tn previously. Meanwhile, as reported earlier, the government set a new minimum wage of ARS 221,052 as of April 1 and ARS 234,315 from May 1. The government set the new wages after talks with unions at the minimum wage council on Tuesday failed.
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  • The BCRA raised reserve requirements for money markets to 15% yesterday, from 10% previously. The hike followed the announcement that the central bank had cut its benchmark overnight reverse repo rate by another 10pp to 50%, taking total easing in the last month alone to 30pp and 83pp since December. The BCRA said that the moves will reduce excess liquidity and represent a central element to the elimination of capital controls. It also noted the fast adjustment of inflation expectations and strengthening of the fiscal anchor.
  • Foreign Affairs Minister Mondino is due to meet with French Foreign Minister Stéphane Séjourné as well as Finance Minister Bruno Le Maire in Paris today. Yesterday, Mondino and Finance Secretary Quirno met with OECD officials to discuss the country’s accession process to the organisation.
  • On the data front, the government’s tax revenue came in at ARS 8.664tn in April, up from ARS 7.727tn previously. Meanwhile, as reported earlier, the government set a new minimum wage of ARS 221,052 as of April 1 and ARS 234,315 from May 1. The government set the new wages after talks with unions at the minimum wage council on Tuesday failed.