The expected financial expansion for December may not be as generous as originally agreed with the IMF. This was explained yesterday by the head of Central Bank, Guido Sandleris, in the closing speech given at the meeting organized by the American Council as part of the G20 summit.
"Just as we exceeded our financial base objective in recent months, we could do the same in December if we found that the increase in demand for money was not what we expected", he secured the official.
The agreement with the Fund establishes a goal of financial expansion no, but that becomes much more clear in December. For the next month it is expected that the increase could be 60%, which suggests to spray an additional $ 70,000 million to the market. This is because the demand for money is growing because of the end of the year because companies need to pay salaries, half bonuses and now also the bonuses.
Sandleris wants to show the ongoing conduct of the Central in relation to managing financial aggregates. The objective is very clear: avoid sudden dollars of the dollar and at the same time push down inflation.
The movement of the currency, which rose almost 10% of the floor at the beginning of the month to reach around $ 40, has resulted in more alarming on behalf of the BCRA. It went out to absorb more than $ 60,000 million in the last two days to give the best to increase the exchange rate. Of course indirectly, it also puts a brake at Leliq's interest rate reduction, which was now slightly higher than 61%.
The head of the BCRA was satisfied with the result achieved with the new financial aggregates scheme as soon as possible. And he announced that "high frequency indicators" are beginning to show a reduction in inflation in November. It is estimated that this index will be slightly lower than 3% this month, almost half registered in the previous two months.
In addition, he also emphasized that the most competitive exchange rate allowed the country in September "the first commercial surplus in 21 months".
"There is still a lot to do. This Central Bank – to the Sandleris collection – will be very careful in the coming months, aware of the risks that face its economy. Only if conditions allow us to increase the financial base. "