They limit the purchase of Leliq to the banks: attack the & # 39; mixed capital and incentive to the credit

The BCRA's indication is yesterday that limits the purchase of Leliq with banks. The objective, as outlined in the center, avoiding the entry of specialized capital that is only aimed at reaching the high levels of local market paid. In an indirect way, the new restriction may have other effects: some of the additional joy of the banks to increase credit to the private sector rather than purchasing the security that was given by the BCRA itself.

An Communication "A" 6.647 It is ruled that Leliq banks can not buy for more than 65% of clients' investments or for more than 100% of their bank balance. Units can change to new level until the end of April 2019.

"In January – this was removed from Central America – we recorded the induction of a financial stream from abroad to go to; buy Leliq not to be involved in a banking system. The rule issued by the Central Office sets out this revenue channel because it is Creating an extension of the cash fund without an appropriate connection in the demand for pesos. "

In other words, the BCRA guardian, Guido Sandleris, "healing in health" prefers to avoid another program with the Lebac in 2018. At that time, a millionaire of dollar income was recorded to buy those titles; taking advantage of high rates of rate. But in the exchange rate that ran in April there was a huge sale of these securities and the running of investors to buy dollars, and create a mega-value value of the passport. The dollar was more than doubled in price in a few months and created a faster adhesive, as well as a strong decline.

Depending on the provisions, a bank that may have a & # 39; holds $ 100 million in investments at a maximum of $ 65 million deposited in Leliq, if its balance is not higher than that.

Although it needs its punctual impact; at which stage can be measured, Many of the units in the coming months are likely to continue to be able to continue to purchase Leliq. This will apply to refuse that money in BCRA titles but in private sector loans.

The Government feels there is a concern that the drop-down rates in Leliq in the past weeks (yesterday at 46.2%) have continued to reduce credit. And banks do not even increase credit flow. Of course, In January, the loan number fell by 3.7% in real terms.

Regeneration of credit It will be essential for the economy to start revitalizing. So far, some healthy signs have not stopped the fall, starting at the end of the year. But at this time no data in the real economy is to show revival. The first notion will only appear in April as a result of the autumn autumn, but it is important that credit increases the SMEs and also to reduce family settings, from an increase in personal credit lines.

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