Buenos Aires, June 18th, 2018. The Board of the BCRA has approved four measures that are effective as of today.
First. Minimum reserve requirements will gradually increase by 5 percentage points for demand and term deposits; however, there are certain exceptions. The measure is expected to absorb liquidity to the tune of AR$100 billion from the financial system, taking into account that each minimum cash requirement point in pesos represents approximately AR$20 billion. The increase in the requirement will take place on June 21st, 2018 (3 percentage points) and on July 18th, 2018 (2 additional percentage points).
Minimum cash requirements may be met in full either in pesos or by means of National Treasury Bonds in pesos at a fixed rate maturing in November 2020 and valued at market price. Such instruments will be issued with a settlement date on June 21st, 2018.
Second. The limit of positive foreign currency net global position calculated in daily stocks is reduced from 10% to 5% of the institution’s regulatory capital.
Third. With the aim of invigorating the secondary market of National Treasury Bills in Foreign Currency (Letes in US Dollars):
Fourth. It is now possible to carry out spot foreign exchange purchases and/or sales through tender as described below. This new mechanism is to be implemented in cases where there is a clear dysfunction in terms of price differential (purchase/sale), volume or volatility:
June 18th, 2018