Monthly Monetary Report

After the stability observed in August, transactional private M2 expanded again in September at constant prices and seasonally adjusted. Thus, over the past three months, it exhibited a 0.7% average monthly rise. In September, growth was explained by the performance of cash held by the public; in turn, transactional sight deposits remained virtually stable.

In the month-on-month end-of-period comparison, the monetary base posted a slight contraction of ARS0.5 trillion. The expansion resulting from the BCRA’s foreign currency purchases in the forex market was more than offset by its monetary operations, as it kept managing liquidity through open market operations and repos. In September, the monetary base improved at constant prices and seasonally adjusted, posting a 1.3% average monthly expansion over the past three months. In terms of GDP, it stood at 4%, 1.5 p.p. above the minimum record for 2024.

Bimonetary credit channeled to the private sector remained stable in September, with a heterogeneous performance by currency and purpose. While loans in foreign currency continued showing sustained growth, loans in pesos fell in real and seasonally adjusted terms. In aggregate terms, the main credit lines showed divergent trends: those aimed at financing commercial activities and secured loans expanded, whereas consumer loans contracted in September.