The Central Bank (BCRA) on Thursday had a new increase in the performance of passive passes, which climbed 31% for instruments one day and 34.5% for those a week.In this way, the monetary authority validated an increase in a percentage point for the former and 1.5 percentage points for the second.However, it will keep the yields of the LELIQ in 36% and will not modify the minimum guaranteed rates for fixed deadlines.

There was a smaller adjustment that did not go by directory because it is not necessary, it has nothing to do with rates of rates but of harmonization with the fees in treasure pesos, they said from the entity.They remain at one day in 31%and seven days in 34.5%.Fixed deadline rates are not touched, they specified.

The entity presided by Miguel Pesce continues to underpin what they define as a harmonization of their paid liabilities.It should be remembered that a month ago, the rate of passive passes was 19% and that of the Leliq had been planted in 38% for six months.Since then, the BCRA raised the annual nominal rate (TNA) of the former, taking them to 24% on October 1, 27% a week later, and 30% for the passes to one day and 33% for the passes to sevendays two weeks ago.The performance of the LELIQ, meanwhile, was cut to 37% on October 8, and 36% 14 days ago.

The objective of this harmonization, in short, is that there is a transfer of the leliq stock to the passing of passes, which would allow the monetary authority to gradually reduce the quasifiscal cost of sterilization.A second objective is for banks.However, financial institutions usually qualify the treasure debt as more risky than the one that issues the BCRA.

Within the market, the coincidence is that although the measures that have been taken have been in the right direction, the government has not succeeded in the necessary dose to generate a change of expectations.

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— Ann Wallace Tue Jul 27 22:29:06 +0000 2021

Amilcar Collante, Cesur economist, states that in the case of a crisis of trust, such as the one that is currently going through, shock policies can be more effective than gradualism.I think that in a case of extreme distrust all measures should be left together, better exaggerate them and not fall short.That is, it seems to me that it would have been better for all this rise in the rate of passes would have made a pull.And if they were going to upload the fixed deadlines, it was also better to do everything from a.The same runs for the rest of the measures they were taking, such as the cancellation of the transient advances of the Treasury to the BCRA or the Tax Sedmith to exports.They were all very surgical measures that were taken in a context of extreme distrust, he explained.

"I think the problem of stealing the rate sustaining is that there is no horizon, so one stays waiting for them to rise more.I think that an important adjustment should be given and that it is at once, to reduce precisely that expectation of greater increases, "Matías Rajnerman, chief economist of Ecolatina, coincides.

Despite this, he said: "All rates rise is expensive.Especially in what is bonds Linked and the bonds Cer.But they are necessary in this context.Unfortunately from the crises you do not go out without paying costs, today we are in crisis and this is to assume that reality a bit.I think it goes in the direction that the market wants ".

Another outgoing points of the BCRA decision lies in the decision not to increase the minimum guaranteed yield for fixed deadlines, although their stock has been reduced by $ 80.000 million in just 30 days.Although the stock of private deposits still remains above the $ 2 billion, in recent weeks there was a marked change in trend that responded, in part, to the volatility of the exchange rate, and also to the fact that in SeptemberThe guaranteed minimum rates lost for the first time in the year against inflation.