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1h ago

Argentina Tightens Bank Reserves and Market Oversight Ahead of Key Peso Debt Auction

Officials aim to drain pesos to steady funding conditions before the elections.

El BCRA subió los encajes al 53,5% y crece el malestar en los bancos.
El Riesgo País dio un salto de cerca de 100 puntos en una sola jornada.
En el segmento de renta fija, los bonos soberanos en dólares también suben.
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Overview

  • The central bank lifted reserve requirements by 2 percentage points immediately and by an additional 3.5 points from September 1 under Communication A 8306.
  • Banks may meet the added encaje with peso Treasury securities purchased in primary auctions with a minimum 60‑day term, and the sight‑deposit encaje mix rises to 53.5% with 35 points in cash and 18.5 in Treasury paper.
  • The BCRA and CNV intensified real‑time surveillance of money‑market activity and cauciones across BYMA, MAE and Rofex, requiring more granular reporting to track flows and identify potential speculative moves.
  • The Treasury plans a key licitación featuring longer‑dated Lecaps, dollar‑linked bonds and TAMAR instruments to concentrate placements beyond the voting calendar and curb near‑term options.
  • Measures respond to funding strains marked by peso weakness and elevated short‑term caución rates, as officials seek bank participation and push a shift toward longer‑term financing.