La tasa de Leliq está abriendo el paracaídas

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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.