2024-07-18 14:38:51
Among the reserves in the financial market due to the uncertainty regarding the economic plan of Javier Milei, The national government has taken the first step of its supposed “zero emissions” program. with the placement of a bill to be exchanged for debt securities adjusted by the Commission, among other instruments.
Issuance of the Liquidity Tax Letter (LEFI) published today Official bulletin It aims to “clean up” the balance sheet of the Central Bank (BCRA) and transfer its debts to the National Treasury. The amount to be issued is 20 billion pesos in nominal value, they will be valid until July 17, 2025 and the full amortization will be at maturity.
The Central Bank considers that they will be used 14 billion to absorb all the reserves of remuneration held by the banks and the rest will be used to continue the weight sterilization process.
According to joint resolution No. 40 of the Finance and Treasury Secretaries, will be paid The interest will be according to the annual nominal rate of the monetary policy notified by the BCRA with daily capitalization until the instrument matures and will be payable at the maturity of the LEFI.
In all changes in the annual nominal monetary policy rate, interest will be capitalized and considered as new capital.
The BCRA is the capitalization calculation agent, which will report at the beginning and every change in the annual nominal rate of the monetary policy the new rate and the capitalization until that date to the Directorate for the Administration of the Public Debt depending on the National Office on Public Debt. Credit Ministry of Finance this ministry, for your records.
The LEFI will only be negotiable between the BCRA and financial entities. Global Certificates will be issued in the name of the Central Registry and Settlement of Public Liability and Financial Trust (CRYL) of the BCRA, in its capacity as the Letter’s Registration Agent.
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