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...
The Leliq rate is opening up the parachute
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The Leliq rate is opening up the parachute
Second week
February 2019
The fall of the Leliq rates has been very pronounced in 2019 and has accumulated more than 14 percentage points from 59.4% to approximately 45.2%. This unexpected movement occurred without major swoops in the exchange rate, which implicitly indicates that there was some “cushion” in rates, and we expect the decline speed to moderate. In the current combination of interest rates and the exchange rate, we believe that the most likely scenario will be for the Leliq rate to slowly drop until converging at levels around 36% towards the end of the year, and we do not rule out that volatility may appear again in that path.
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