Summary
For the ninth consecutive month, the BCRA met its Monetary Base (WB) target. The WB’s monthly average was $1,341.9 billion in June, slightly below the target of $1,343.2 billion.
The average rate of LELIQ ended the month at 62.69%, 8 p.p. below that registered at the end of May. The MT 20 of private banks decreased 6.5 p.p. The amount paid for retail deposits (up to $100,000) was even
more resilient to the downside and decreased only 1.2 p.p., in a context of greater competition between banks after the incorporation of web fixed terms for non-customers.
The average monthly rate paid for 30-day time deposits in pesos was 49.95% (TNA). Considering inflation expectations for the month, it implied a positive real interest rate of 1.5% per month
(19.4% in annual terms).
The average monthly balance of time deposits in pesos in the private sector increased by $32.2 billion (2.7%) in nominal terms, increasing in real and seasonally adjusted terms for the first time since
February (1.9%).
The figures involved in the operation through immediate debits (DEBIN) continued to show the impact of the new web fixed terms. The number of operations through DEBIN went from less than 600
in April, to 37,900 in May and 50,600 in June. In turn, the amounts traded increased from $6.6 million, to $7,000 million in May and $10,500 million in June.
Both the working capital held by the public and the demand deposits of the private sector remained practically constant with respect to May in real and seasonally adjusted terms. Thus, private M3 registered a seasonally adjusted real increase of 0.8%, mainly explained by the growth of forward snacks.
The nominal and seasonally adjusted balance of loans in pesos to the private sector increased 0.1% in June. The increased financing provided through advances was practically offset by the fall in some of the other lines of credit.
