US EditionTo Stop the Dollar, Caputo Raises the Rate to 40% Banks Set the Conditions: Very High Interest and in Very Short Term
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The government placed $4.7 billion on Thursday in an emergency tender aimed at absorbing the "excess" of liquidity and validated rates of up to 3.3% TEM.
Despite the emergency tender and the record rates endorsed by the Treasury, the currency shot again in almost all segments and fueled pressure on the pocket and public accounts.
The bid to "take liquidity away from the banks" was resolved as they wanted. The interest rate doubles monthly inflation. Every 15 days, a new tender (By Raúl Dellatorre/ Page 12/ Director of Economic Motor) The government managed to rescue 4.7 billion pesos that had been left in the hands of the banks and that ... To curb the dollar, Caputo raises the rate to 40%/The banks set the conditions: very high interest and in very short term Read more »
Economy bought foreign exchange to add more reserves, in line with the goals set with the IMF. In parallel, it validated rates of up to 48% in a debt tender, to clear any doubt about the strategy of avoiding a sharp rise in the exchange rate.The currency closed at $1,275, with a downward trend The [...] The post The government intervened to stop and dollar and validated a high interest rate appeared first on Trade and Justice.
The bid to "take liquidity from banks" was resolved as they wanted. The interest rate doubles monthly inflation. Every 15 days, a new bid
The Minister of Economy, Luis Caputo, indirectly pointed to the banks for the rise of the dollar by explaining the process by which there was the decline in interest that pressured the exchange rate. “LeFIs were supposed to be exchanged by banks for LECAPS. But the banks, fearful of losing daily liquidity, did not go with everything and preferred to do numerals,” Caputo said through social networks. The minister said that “about fitting all at t…
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