Juan Manuel Barca
07/19/2021 10:31 PM
Clarín.com
Economy
Updated 07/19/2021 10:31 PM
After appealing to the club of the reinforced stocks to direct the financial dollar market, the Government advances with a
package of more "friendly" measures to channel savings towards bonds, deposits and various investments in pesos
in a scenario of high inflation, exchange pressure and greater demands on tax matters.
A few months before the elections,
The tensions on the blue led this Monday the price to $ 180 and the gap with the official dollar, to 87%.
The Central Bank had to buy US $ 1 billion in July to control the parallel and pay off debt
.
All these operations together with the higher public spending imply more issuance of pesos to cover financial needs.
In view of these pressures, the
Ministry of Economy will announce this week Market Makers, a program that seeks to strengthen the financial capacity of the Treasury
and ensure liquidity in the secondary market, where private companies trade stocks and bonds, such as the Electronic Open Market (MAE) and Argentine Stock Exchanges and Markets (BYMA), among others.
The idea is to enable
a sort of second round in the
Economy debt
bids
, so that the surplus demand can place its surpluses in longer-term bonds.
Today investors are concentrating on bills with maturities of no more than three months
and the Economy does not want to continue expanding long debt tied to inflation (CER).
With this carrot, large stockbrokers, banks and mutual funds will be able to issue additional orders for letters (LEDES, LEPASE and LECER) on condition of maintaining a quote on the stock exchange screens and carrying out operations for a certain time and volume. , giving greater stability to transactions.
The initiative has the advice of the IMF
, which in Venice suggested to Guzmán to finance the fiscal deficit without issuance, expand collection and strengthen the inflow of foreign currency. The Ministry of Finance also analyzed the program in meetings with funds, which allowed opening "
a channel of dialogue and interaction with different domestic and international investors
of public debt," according to official sources.
Another measure is the one studied by the Central Bank
to attract investment funds, assuring them a kind of fixed rate for betting on the Treasury debt. "Today the BCRA intervenes in the yield curve of bonds in pesos. And it has a liquidity guarantee for the banks that participate in Treasury tenders. Now
they are thinking of other instruments that can be used by investment funds.
" , confirmed in the BCRA.
Along the same lines, the Senate approved last week the
income tax exemption from
interest
on deposits in pesos with an adjustment clause
(CER fixed terms) and financial instruments designed to promote productive investment. The
shares in Common Investment Funds
and Financial Trusts (whose assets are exempt)
and Negotiable Obligations
were
also
exempted from Personal Assets
.
Meanwhile, the government will have to closely monitor what is happening in the financial market.
Due to the restrictions on Cash with Settlement (CCL), the consulting firm Equilibra warned that
discounted Treasury bills (LEDES) could become an option to be dollarized abroad
, since they can be sold against dollars.
This is what happened with the AL30 and GD30 bonds, now more limited after the latest measures of the Central Bank.
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