Economy 10-10-2018

Argentine peso closes up after movements of the Central Bank

The Argentine peso appreciated 1% against the dollar and traded at 38 units for the sale, 4 tenths less than on October 8, in a day in which the Central Bank (BCRA) offered again letters of liquidation (leliq) to private entities at an interest rate that reached almost 74%.

The foreign currency was quoted at 38 Argentine pesos in the National Public Bank.

The monetary authority auctioned 60,108 million (about 1,581 million dollars) at an annual interest rate of 72.6%, with a maximum yield of 73.9%.

For the first time since October 1, when it began allocating Leliq to banking entities, the Central Bank lowered the rate offered by these bonds by 0.5 percentage points.

Since the beginning of the month, the body led by Leandro Sandleris managed to reduce the price of the dollar, which reached 42.1 Argentine pesos at the end of September.

The BCRA also inaugurated two new policies to contain the rise in the dollar and curb inflation.

The first establishes a monetary base adjustment system that freezes the amount of money circulating until June 2019.

The second establishes a flotation scheme of the exchange rate between 34 and 44 pesos, adjustable by 3% per month.

As long as the US currency is quoted within that range, the Central Bank will not intervene in the market.

With the exception of October 4, the BCRA managed to reduce the price of the dollar every day.

SPUTNIK

 
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