Monetary Constitution: BCRA says he will meet his goal in December



In this way, the Government will maintain one of the commitments to the IMF, and that there are better outcomes, at least in the eyes of Italian technicians Roberto Caldarelli, the person in charge of the Fund to monitor Argentina's numbers. For your organization, make sure the strategy is not going to; accelerating its fundraising and keeping under the terms of the agreement closed in late September; when the objectives were reconfigured and the committed funds were promoted up to December 2019; when first agreed until 2020. The movement of seasonal expansion on the last month of the year was part of these discussions, and the BCRA's intention is that the IMF and the market will rely on the aim still in December. The middle is to understand that it's time; when the Government needs its base to expand costs to meet the fiscal commitments within each anniversary, which can create some concerns in private. In particular before more resources are being made to meet operating capital applications to address the rising levels of movement to the most vulnerable sections. The message BCRA wants to include is that the availability of assets is covered; and, apart from that, the signal that will be produced is that there is no review of Leliq.

The Government certifies that the expansion of the & # 39; financial basis and commitment to keep it in an examination, perhaps, the chapter where IMF should have a better qualification. In November, the BCRA has succeeded in the aim of increasing it, maintaining its & # 39; average of $ 1,256 billion, $ 14,500 million lower than the target and $ 4,000 million above October average. The increase in October's definition was explained by the entity as a result of the increase of $ 15,000 million in unpaid bank reserves, which was negotiated with the reduction in a $ 11,000 million fundraising . To meet the target, the increase of the BCRA to This month's climb was Leliq's auction, with an average gradual decrease in order to park at 60.8% by the end of the month. In the first two days of December BCRA decided to contaminate 60%, over 59%, the level at which it was maintained. Yesterday's shutdown was 59.23%. Generally, 7.4 percentage points are higher than 73.5% that the variation was reached on October 8. All this by a system of a system that sailed fairly in the Zone without any intervention, closer to the floor of 36 pesos, usually at the top of about 45 pesos. The scheme, even with the external concerns that emerged this week due to the international sound of the US collapse. and China, the problems in Britain for brexit talks and within France; He was troubled, with a dollar that closed today the increase but in the 38.79 pesos; also closer to the ground floor of the area.

In October, Sandleris had ensured that the commitment to the success of its strategy was to enable it to reach its market (and IMF) to keep control of its & # 39; fundraising. In particular, he said "the main element of this scheme is a commitment to grow the silver coin at one percent per cent to June, with a seasonal change in December. This rule is tight, clear and easy to prove and we expect it to be effective in controlling inflation. The theory behind is also very simple: there should not be much pressure in the economy. "

With an explanation, the strategy means that the government will strongly reinforces the IMF that is under control, but that a financial policy will continue to be completed at least this year's end and its first quarter of 2019. And that, even with the control of Leliq's Question of December, is The stock of the letters is currently 720 million pesos, after a strong demand from the banks for this instrument. The financial agencies that should be & # 39; Seeing the December strategy first, and convert the signal to domestic markets, despite the extension of the row on the # 39; fundraising, this is within the agreement with the IMF and compliance with its annual focus.

Until November, the annual growth rate of the financial base decreased to 39%, from the 40.9% previously obtained from the management of Luis Caputo.


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