For the IMF, the Leliq will multiply over the next four years

The latest IMF report states that the stock of liquidity letters (Leliq) will reach US $ 1,096 billion by the end of the year and that it will be at the end of 2020 at US $ 1,987 billion, representing an increase of 81.3%.

It also plans increases for the next four years, during which 270% growth will accumulate:

– 2021: $ 2,629 billion (+ 32.31%)

– 2022: 3.081 billion dollars (+ 17.19%)

– 2023: 3,657 billion dollars

– 2024: 4.064 billion dollars (+ 11.1%))

"The stock has risen by 1 billion pesos, but it is still well below the peak of Q1 2018 as a percentage of GDP," he said.

Today, the Leliq account for about 6% of GDP, while their predecessors, the Lebacs, amounted to 11%. These 7-day securities issued by the BCRA in two daily auctions generate an interest rate that averaged 61% on Friday.

Since the beginning of the new monetary plan in October 2018, this rate has recorded a record of 74.069% on May 2nd. According to financier Christian Buteler, Leliq generated interest of $ 439 billion from October to the end of July.

Friday's Leliq stock was $ 1.294 billion, close to the money base, which averaged $ 1.38 billion as of July 31. Facing the financial management of the next government, it will be a winning question that should win should attack, according to Profile.

For some badysts, the amount of Leliq is manageable because they look at the BCRA reserve ratio, while others warn that it could become a bomb that would result in a large devaluation that would eventually liquefy that liability. Others, such as Diego Giacomini, have alerted via Twitter that they could lead to a Bonex plan.

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