The Board of the BCRA established today a simplification of the Minimum Cash Regime (Régimen de Efectivo Mínimo, REfMin) in pesos in order to strengthen the channel of monetary policy transmission.
Simplification provides for a reduction in the number of exemptions, keeping those that promote credit intended for productive purposes to micro-, small- and medium-sized enterprises (MSMEs) and financing for household consumption. In addition, it adjusts the rates applied to its items to achieve a neutral monetary effect.
This initiative is part of the "Objectives and Plans" established by the BCRA for 2022, ensuring compliance with one of the structural reference parameters in the Extended Fund Facility Program with the IMF.
The first stage of the simplification of the REfMin will be implemented gradually between October 2022 and January 2023. In this sense, the BCRA will continue to assess the convenience of a new scheme adjustment according to the current situation, taking into account its characteristics as an instrument of monetary policy and prudential regulation, and also considering the capital and liquidity positions of the different financial institutions.
June 30, 2022