Overview
- CNV Resolution 1092, issued at the central bank’s request, limits money‑market funds to 20% in cauciones and becomes effective December 1, with managers forced to rebalance on the last business day of November.
- On average, funds were about 26% in cauciones, implying a shift of roughly six percentage points — an estimated ARS $2.2–$2.4 trillion — toward lower‑yield alternatives such as bank sight accounts and short‑term Treasury paper.
- Retail returns are set to dip, with analysts estimating about a 0.5 percentage point reduction in the rates paid by digital wallets that invest client balances in money‑market funds.
- The rule adds strict liquidity and tenor constraints, including an 80% liquidity margin parked at the BCRA or in bank sight accounts, a 95‑day maximum instrument maturity, and a 35‑day cap on weighted average life.
- In a parallel move, CNV Resolution 1093 relaxes the $200 million daily transfer cap for foreign investors on Treasury securities acquired through reinvestment, provided they are peso‑paying, bought in primary auctions, and have at least 180 days to amortization.