The BCRA has approved the Objectives and Plans for 2023. They are concerned with monetary, financial, lending and foreign exchange policies, and are published as set out in Section 42 of the BCRA’s Charter.
The BCRA will endeavor to take the following measures in furtherance of its monetary, foreign exchange, financial and lending policies.
• Manage liquidity to prevent any imbalances that may directly or indirectly affect the disinflation process.
• Set the path of the monetary policy rate to sustain positive real returns on investments in domestic currency, and preserve monetary and foreign exchange stability.
• Contribute to the development and stability of the capital market, and safeguard financial balance.
Foreign exchange policy:
• Preserve external competitiveness.
• Strengthen the position of international reserves.
• Prudently manage forex regulations in order to adjust them to the current needs, ensuring monetary and foreign exchange stability.
• Encourage financial intermediation to meet financing needs for the development of consumption, productive investment, and technological change.
• Promote growth in lending in pesos to the private sector in terms of the gross domestic product (GDP).
• Build a deeper financial system to make it even more inclusive and federal, bringing in new credit originating agents, and agents who can facilitate saving and investment for households and micro-, small-, and medium-sized enterprises (MSMEs) with a view to promoting access to, and use of, financial products and services in all the population.
• Continue implementing micro- and macroprudential policy actions aimed at favoring financial stability conditions—given the risk factors and vulnerabilities at a domestic and global level—in line with international best practices.
• Cause technological innovation in the financial system to go hand in hand with new financial service providers within a prudential framework of protection, transparency and security for users.
• Further boost financial inclusion and education actions with a gender- and disability-oriented perspective, focusing on the digitalization of access to services and on favoring the financial health of the population, through the implementation of agreements with provincial governments, other state agencies, and foundations.
• Continue monitoring the development and implications of cryptoassets for financial institutions and digital wallets, creating tools to gather information and warning investors and financial service users about their risks.
• Promote actions regarding sustainable finance within the framework of international and local commitments. Create actions to generate and release relevant information, and to assess potential risks to the stability of the financial system.
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December 29, 2022