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Free AccessItaú Believe BCRA Aiming To Make Treasury Bonds More Attractive
- As a reminder, Argentina’s central bank decided to implement a new monetary policy rate, now setting the 1-day repo rate as the new reference rate (currently 100%), instead of the Leliq rate (133%).
- Itaú have noted that the monetary authority announced they will stop auctioning Leliqs, leaving the new monetary policy instrument to absorb excess liquidity.
- The central bank also set a minimum interest rate for fixed-term deposits at 110%, down from the current 128% (Badlar rate). Additionally, the monetary authority will continue offering inflation-adjusted fixed-term deposits (so called UVAs). Regarding liquidity injections, the BCRA may exercise active repos and offer puts on Treasury instruments.
- In Itaú’s view, the strategy of the central bank aims to make the treasury bonds more attractive, instead of the 1-day repo rate. In fact, this week the treasury will offer CPI-link bonds (BONCER) and fixed-rate bonds (LEDES), the latest after several months.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.