$ 422 million was allocated in New Lete to disable Lebac

The government has chosen today to increase its debt in dollars of 422 million US dollars with two objectives. The first, to make sure that


run against weight
and the financial storm that it triggered, resulting in a high economic cost
come to an end. The second, by closing faster one of its food sources: the very high debt badumed by the Central Bank (BCRA) in


Lebac
and that, compared to what he felt his previous conduct, it became a macro problem to turn over the past three months into a spin engine
local demand for dollars.

Not for less. The shock that provoked broken budget projections has plunged the economy into an area of ​​uncertainty that will cost it to emerge and eventually erode the political capital of an administration that was already considering its continuity. as certain and who knows her now in danger. The gamble with multiple goals has brought it: the test that he launched to see how many Lebac holders still wanted to dollarise, even though entry prices were good, only detected those who own about 8300 million dollars in these securities (there was exchange of presentations for the equivalent of 354 million dollars but only barter was accepted for 295 million dollars) chose to change currency, less of 1% of the total of this stock that has declined sharply in recent weeks but still exceeds one billion

Analysts believe that the result of the call is auspicious. "The currency exchange option was designed as a way to mitigate something that would happen in any case, which is the pressure on the exchange rate, and to pbad through. a short-term event (the next call for Lebac offers) at a long term (the expiration of the league in a year.) It was a way to handle that pressure by pushing it for more late and betting that later there will be more ground or less demand if confidence is restored. "says economist Miguel Zieonka, of EconViews consultancy.

The official data, recently known, show that 422 million US dollars were granted in the new Lete issued more than a year later (it will expire on July 26, 2019) 70% of the pesos that were invested in Lebac (4217 million dollars in the US). species will expire in two weeks, 2315 million dollars in which expires in mid-August, 83 million in which expires in September, and $ 1550 million expires in October); Another US $ 127 was subscribed with cash, although no proportion was included in the pesos and dollars.

The reduced price of the new guarantee was US $ 945.97 per US $ 1,000. "This represents a nominal annual rate of 5.50%," the Ministry of Finance and Finance said in its statement.

"One more point was paid for the lengthening of the Letes Curve in 4.7 months and it has evolved in line with what has been placed in the longer slices of this type of business. Most of the demand has come from Lebac holders allowing investors to dollarize the portfolio with a button without putting pressure on the exchange rate.It is not at all advisable to continue to encourage trade of this type to finance current expenses in pesos due to the inadequacy of the implicit currency ", observes the economist Federico Furiase, Estudio Eco / Go.

banks, what about our days it has more than 45% of the total stock of Lebac, they avoided exchanging their lease. "We operate with pesos and the Lebac is a profitable parking lot to leave them while you have excess liquidity because now the demand for credit has cooled," they said.
THE NACION in a leading bank. "The devaluation of the peso has already been, it is too late to position ourselves in dollars, it does not mean that we do not think that the exchange rate can increase, but only that we think that it will not do At the frantic pace of the last few months, premise, we prefer to stay at a rate in pesos to reward our depositor in pesos, "they agreed in another entity.

In the government there was also satisfaction for the result of the auction. "This shows that we are entering a phase of greater stability and that the rate hike did not appeal to the Lebac holders, and also provided us with fresh money outside of the call schedule." # 39; offers: a third of what we need financing to close the year ", valued by Treasury