Thus, in the first monitoring report for December, the monetary base (the work is two weeks), the company said that despite the adjustment "Transactional demand for working capital associated with these payments does not lead to inflationary pressures."
In addition, the company notes that banks have the liquidity required to meet seasonal demand for the peso in December will not continue to the entire stock Leliqs due this month.
In this case, detailed work, «The BCRA adopted in October of a new monetary policy strict monetary aggregates control regime pledged sun rise till June monetary base (CSOs) level in 2019, compared to the monthly average in September, seasonally adjusted, in December, which, as a rule, month high demand for transaction money reasons. "
It said in a statement among the factors causing the demand for "The payment of bonuses, to which is added a compensation bonus this year."
"Increased demand for transactional queries about these payments entirely inflationary pressures. Therefore, the monetary system checks its increase and includes a seasonally adjusted 6.3% in the monetary base target in December " She said.
"In view of overachievement in October and November, rather than weaken the monetary policy, the central bank also plans to surpass the target of December, at least $ 16 000 million. During the first fifteen days of December cumulative average BM reached to one thousand two hundred seventy-three $ billion 78,000 million $ lower level to the finish and the $ 62 billion below the target overachievement " It said in a statement.
He said that in order to achieve its objective, the Central Bank auctions short-term bills, Leliqs daily. "In contrast to what happened during the first two months of the new scheme, BCRA did not go in December, the entire stock of LELIQs, but upon the expiration or withdrawal of some of them in pesos. Thus, banks will have the liquidity required to meet the seasonal increase in demand for the peso " He put forward the essence.
BCRA reminded that the daily auctions were "Sex on the interest rate offered 65% in October and 60% in November. In early December, when verifying the second fall in inflationary expectations, this floor has been removed, in accordance with the provisions of the monetary circuit. interest rate decreased to 59.1%, a decrease of 1.7 percentage points compared to November and 14.4 percentage points the maximum reached 73.5% on 8 October. "