New Monetary Policy Council

Buenos Aires, August 7th, 2018. The Board of the BCRA has created the Monetary Policy Council (COPOM) which is composed of the Governor, the Deputy Governor, a board member appointed by the Board and the Economic Research Deputy General Manager. The Council is now entrusted with powers to adopt resolutions.

The COPOM’s main duty is to determine the benchmark rate; the rates on repo transactions and instruments issued by the BCRA; as well as the terms and other requirements for implementing the monetary policy. In this regard, the COPOM will also set the cut-off rate on Central Bank Bills (LEBACs).

The initial COPOM will be composed of the following members: Luis Caputo, BCRA Governor; Gustavo Cañonero, Deputy Governor; Enrique Szewach, Board Member; and Mauro Alessandro, Monetary Policy Strategy and Communication Senior Manager, who will act as a provisional member until the position of Economic Research Deputy General Manager is filled. The Governor shall have the casting vote in case of tie.

The COPOM will meet on the second Tuesday of every month to discuss the monetary policy rate and on the third Tuesday of every month to set the cut-off rate on LEBACs.

The COPOM is expected to inform the monetary policy rate on the second Tuesday of every month at 5.00 p.m.