El Central Bank of the Argentine Republic The Ministry of Finance released a report on Thursday (11.04.2024) on the macroeconomic situation in the current context of the country and the measures it adopted in response to the evolution of the economic situation and financial liquidity conditions.
The measures
- Easier access to MLC for micro, small and medium-sized enterprises (MSMEs): Companies that qualify within the MSME segment will have the possibility of paying for their imports of goods within a period of 30 days. The measure applies to all imports with customs clearance from April 15 that previously had payment terms in installments of 30, 60, 90 and 120 days.
- Easier access to MLC for advances on capital goods for SMEs: In the specific case of imports of capital goods, companies in this segment may pay in advance up to 20% of the value of the good to be imported.
- Reduction of the monetary policy rate: the interest rate on passive repurchase agreements is set at 70% APR.
- Normalization of liquidity management through reserve requirements: As of April 15, the reserve requirement on balances in remunerated current accounts of money market mutual funds will be changed from 0% to 10%. This measure moves in the direction of normalizing the prudential regulatory treatment of accounts of a similar nature.
- Deactivation of the swap with the Bank for International Settlements (BIS)): Within the framework of the BCRA's balance sheet cleanup and the clarification of economic variables, the BCRA completed the cancellation of the disbursements received under its Credit Facility Agreement with the BIS. In this way, the BCRA's gross reserves no longer include the amount of this facility, nor its liabilities in foreign currency, with no impact on the net reserve position. The BCRA's liquidity position is not affected either, since the contracted facility operated under the unavailability characteristic. The measure will produce savings for the BCRA of more than USD 10 million annually. The BCRA may resort in the future to agreeing to swap lines with the BIS to the extent it deems appropriate.
In order to arrive at these measures, the BCRA clarified the situation generated between December and the current date regarding the domestic payment system and the external payment system.Communication)
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