Pursuant to Section 3 of the Charter of the BCRA, the main purpose of the BCRA is to ensure monetary stability in Argentina. This implies to continue giving priority to the reduction of the inflation rate to comply with inflation targets between 12% and 17% for 2017, between 8% and 12% for 2018 and 5% for 2019.
Secondly, the BCRA is concerned with the financial sector’s stability and growth as the best way to contribute to its ultimate target: economic development with social equality. The BCRA will strive for the development of the domestic financial system and the promotion of such saving instruments in domestic currency that stimulate saving in pesos by Argentine people. These measures will cause the credit system to become sounder, which will contribute towards leveraging productive development and expanding mortgage credit supply at more affordable rates and more flexible terms for the entire population.
The third pillar of the BCRA is to promote bankarization in order to foster the use of electronic money as means of payment. In this regard, the BCRA follows, as its priority agenda, the international trend towards electronic means of payment. It is important to foster the massive use of electronic means of payment and facilitate its access by the entire population in order to prevent organized crime, drug trafficking and money laundering. Financial inclusion also contributes towards formal labor markets, which allows a more even and moderate tax burden. In turn, electronic money as banks’ liabilities allows means of payment to be channeled, through the financial system, towards loans, a fundamental step for financial inclusion.
With these fundamental guidelines, the BCRA announces the following objectives and plans for the following year, in compliance with Section 42 of its Charter.
