According to the latest data Monthly financial report In January, the central bank again reached its target of a cash base (BM), which was on average $ 1,366 billion, 1% ($ 12 billion) below the target, and 0,7% over December.
In addition, the exchange rate was for most of January under undisturbed coverage, and BCRA purchased $ 560 million this month. The weights that were injected with these purchases added $ 6,800 million to the last month's target and added $ 20,900 million to BM targets in the coming months, to which we must add the impact of purchases made in February.
At the same time, the demand for savings instruments in the pesos increased. In particular, fixed deposits in pesos have grown to $ 81.3 billion, a 8.4% January compared to December and an annual increase of 68.6%,
On the other hand, the injection of liquidity related to the purchase of foreign currency resulted in a decrease in the Leliq exchange rate, which stood at 53.7% at the end of January, 5.6 percentage points. below the value at the end of 2018 and 19.8 pp. less than was achieved on 8 October.
Low interest rates Leliq interest rates linked to time deposits that maintained the downward trend were more prominent in the segment of deposits with higher amounts. According to TM20 private banks, the month ended at 46%, which is 5.7 points less than a month ago. "The stock of international reserves rose by $ 1,005 million to $ 66,811 million in January as a result of foreign currency purchases from the BCRA," the report said.
Depending on the rate of price decline, analysts point out that it is necessary to monitor daily what is happening with the condition of fixed conditions, of which 66% are 30 or 60 days. And agree to avoid shifting these savings to the dollar, it is necessary to alleviate the rate of decline in the rate.