Weekly

Weekly Reports

Las LELIQ y un nuevo intento del Banco Central

Third week
of January 2018
La semana pasada el Banco Central anunció el nacimiento de un nuevo pasivo remunerado exclusivo para los bancos, la LELIQ o Letra de Liquidez. Se trata de un nuevo intento del regulador de darle más relevancia a la tasa de política monetaria, ya que hasta ahora el pase pasivo no logró imponerse por sobre las Lebacs....

What is behind the increase of external deficit?

Second week
of January 2018
External deficit has grown substantially over the last few years. In 2017 it will be closer to 4.6% of GDP and it is possible that it will even be somewhat higher this year. There are three direct causes behind this deterioration: the drop in exports prices, the fewer exports to Brazil due to the crisis it experienc...

The plan of restraining Lebacs for some investors will not be a free lunch

Third week
of November 2017
The National Superintendence of Insurance (SSN) tweaked the limits for the investment policies of insurance companies. Cutting to the chase, insurance companies will not be able to have more Lebacs, directly or indirectly, although they will be able to buy more sovereign and sub-sovereign bonds. In addition, the Sub...

What is at stake between the Nation and the Provinces

Second week
of November 2017
The discussion around the "Fondo del Conurbano" is a new chapter in favor of greater fiscal federalism. This saga was inaugurated by the Supreme Court at the end of 2015, when it ruled in favor of returning to the provinces the 15% of the tax sharing mass that ANSES was receiving. Last week, the governors ...