The Central Bank raised the reference rate from 81% to 91% annually to increase the remuneration to fixed-term deposits up to $ 30 million and Liquidity Letters (Leliqs) The financial system captures pesos and passes them to the Central Bank. The Treasury absorbs part of the pesos by putting bills and bonds as collateral in the assets of the central bank.
The government must now pay the increased interest that adds up to around one billion pesos per month. The drought worsened the picture by having about US $ 20,000 million less than agricultural exports.