The Central Bank of the Argentine Republic (BCRA) continues to search tools that improve the yields in pesos and thus contain the currency tensions that are being registered during the last weeks both in the Dolar blue as in financials.
In this context, this Monday the monetary policy authority arranged to increase the rate of Passive Passes for Mutual Investment Funds (FCI) to the equivalent of 95% of the Passive Repos rate for banks, currently 72% annual nominalaccording to the resolution B12465 issued by the organization.
Thus, the rate of Passive Passes at which the FCI can place in the Central is 68.4% when previously it was 75% of the Pass Rate, which represented a pass rate for FCI of 54%which represents an increase of 14.4 points.
The IMF supported Argentina in the repurchase of foreign debt
According to the latest data available from the Central on the stock of Repo Passes placed with financial entities, to January 19reached 2,297,015 million, of which $1,216 correspond to FCIs.
The increase in the nominal annual rate for these snacks affected to banks is key to cutting the prices of financial dollars that are traded on the Stock Exchange and are taken as a reference in the financial system.
When the prices of sovereign bonds in dollars increase than the prices of those same bonds that are traded in pesos rise, the implicit exchange rate falls, that is, the MEP and CCL dollar parities that, they are registering record values during the last days.
Last Wednesday, parallel to the announcement by the Minister of Economy, Sergio Massa, on the repurchase of debt bonds, the Central increased in 200 basic points the rate for the operations of Passesthrough which this body remunerates its own very short-term debt securities.
Thus, the rate of passive repos at a term of one business day rose to 72%, while for active operations with a term of one business day at 97%. These rates were at 70% annual nominal and 95%, respectively.
SE / LR
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