Una nueva ronda de medidas y varias dudas

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Another round of measures and several doubts

Second week
August 2018

Today, measures from the CB and the Ministry of Finance were revealed. On the one hand, the aim is a hyper-contractive monetary policy until October with an increase of the policy interest rate to 45% annually.

On the other hand, the plan is to reduce the stock of Lebacs outside the banking system. For this purpose, investors will be offered the opportunity to invest in Letes (tenors will be 3 and 6 months but the interest rate will be set at an auction tomorrow) and dollars will be offered to those who prefer so, using reserves for an amount we estimate will be around USD 5.0 billion and USD 8.0 billion.