11/24/2020 7:12 PM
Clarín.com
Economy
Updated 11/24/2020 7:12 PM
Although it is part of the tension over the distribution of resources, it will end up directly affecting the saver.
The Government of the City of Buenos Aires seeks to recover part of the coparticipation funds that it no longer receives with
a tax on the Central Bank debt that the banks acquire
.
And given this cut in profitability, the cost will come to the user.
Not only the entities are descolado and reviewing strategies in case this change in the rules of the game were to prosper.
In the corridors of the Central Bank they are stunned.
They say it doesn't make sense.
"They are taxing an instrument for regulating monetary policy. The tax on Leliq
is a tax on a policy of a national body because it is based in the City of Buenos Aires,
" they reply in the entity.
The project, which is based on collecting a 7% tax on the Leliq and passes rate, was interpreted as retaliation to
recover part of the 1.18% co-participation
that the Nation granted in favor of the province of Buenos Aires.
The City plans to raise
$ 12 billion from Leliqs and another 7 billion from the stamp tax
on credit card use.
In the city they explain that by virtue of the multilateral agreement, the banks will pay in CABA only for 30% of what they receive in interest for the Leliq.
The Leliq, as well as the passes (of shorter term), are the instruments that the Central Bank uses to withdraw or "sterilize", as they say in the jargon, the pesos it issues to financially assist the Treasury and help it. to close the fiscal hole.
By absorbing at least part of those pesos it prevents them from ending up feeding the dollar.
The performance of the Leliq, today at 38%, is a tool that the Central has also been using to encourage entities to pay better for fixed terms.
Resigning part of that return does not cause them much grace.
But the equation is not that simple.
"
Today the rates are regulated by the Central itself
, which established a floor or minimum rate that we must respect. The idea of a guaranteed yield is to avoid more pressure on the exchange rate and on that side I don't think we have a margin. Raise the cost. credit is not easy at the moment. There is no demand and you are also going against the reactivation ", they are sincere in a bank.
Guido Lorenzo, from LCG, explains: "Basically it
reduces the yield of the pesos that the banks capture
. The consequences could be either a reduction in the rate they pay for deposits or that they want to compensate with a higher rate on loans."
"The first is difficult because the retail fixed-term rate is intervened.
Perhaps it may affect wholesalers and that would be traumatic
because perhaps they would start looking for alternatives to leaving the money in the bank," he says.
"The increase in the cost of credit is what could be of concern," he adds, "because activity is still badly hit and would generate the
effect of a stick in the wheel in the recovery
. Not only for investment, but to finance working capital. mainly".
"The City is playing to pressure and try to
'self-participate' part of the BCRA issuance
... something that perhaps at some point should be discussed because the issuance generates a high discretion for the Nation and we are in a context where it is a important part of the financing of the State ", suggests.
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