Por Miguel A. Kiguel
Todos sabemos cómo funciona el cepo, y hemos aprendido a vivir con tasas de interés reales negativas, a usar el dólar Contado con Liqui para eludir los controles...
Although we don’t see them, Lebacs are still there
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Although we don’t see them, Lebacs are still there
Fourth week
October 2018
Last week, the CB completed the third stage of the Lebacs stock cancellation program, released in mid-August. The target of gradually eliminating a 1-trillion-pesos stock is being achieved. Banks are migrating their holdings to Leliqs and the amount invested in Lebacs by non-banking participants has migrated to dollars, Lecaps or time deposits, and this trend will continue.
Our assessment is that the conflict of having short-term debt with high rates is still present, although somewhat mitigated in some aspects. We will break down the effects into three dimensions: who holds the bonds, the dynamics of the debt stock, and the financial sector’s intermediation. We perceive a slight improvement regarding the investors’ participation, we do not see great changes regarding middle-term dynamics, and we consider that the private sector’s access to credit has worsened significantly.
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