On Friday, Guido Sandleris's bodies seem to indicate that Leliq's performance dropped from 59.44% to 59.28%, a significant magnitude, but a message for operators. It should be mentioned from October 1st that the BCRA has established a new monetary policy based on the control of aggregate variables, the rate of interest became an endogenous variable, that is, in terms of money supply and demand. With this new program, the organization's commitment to maintain the September monetary base (around $ 1,276 million) remained unchanged until the end of June to reduce inflation.
By December, the Consumer Price Index (CPI) will grow by 2.5% and will gradually fall to 2% at the end of the first quarter, according to the Market Surveillance Survey (REM). In addition, the floor and ceiling "non-intervention area" grew during this period during the 2% months, below the 3% set in the last quarter of 2018. In the meantime, the exchange rate has stabilized in the current levels near the floor area, so that the margin rises slightly, considering that the ceiling is about $ 48.25. In any case, it is necessary to clarify that the government's parties should avoid a new exchange rate jump to prevent future inflationary pressures, such as last year.
Last month, the Central Bank had a lower Leliq rate of 60%, after the end of October it had hit 73.52%, but it remained stable at about 59%. Continually reducing Liquidity Bills performance to keep attractive to future inflation expectations will be a key element in minimizing the minimum financing cost. Today, the Treasury Palace is paying a 50% return on the local market. But, moreover, it will be a good sign in the face of the election, since inflation means that it is gradually progressing.