Leliqs Are Out, Bonds Are in, a Substitution with Impact

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Leliqs Are Out, Bonds Are in, a Substitution with Impact

Fourth week
May 2021

Last Thursday, the Central Bank decided to change its reserve requirements policy. From now on it gives banks the option to use sovereign bonds with a maturity above 180 days and below 450 days, instead of Leliqs, which have a monthly maturity. The mechanism is voluntary and has consequences for the organization of monetary policy. Today the part of the reserve requirements that is in Leliqs represents 10.3% of deposits, that is, about 730 billion pesos.