O central bank surprised on Monday to announce at 9:30, minutes before the start of trading in the foreign exchange market, that will leave your scheme behind in area of "non-intervention". Therefore, you can sell foreign currency to regulate the price of the green ticket, even when you are below 51,448 pesos, roof of this free floating band.
In addition, the Guido Sandleris You can sell more than the limit of US $ 150 million stipulated in accordance with Monetary Fund (IMF) if the dollar exceeds the maximum limit of 51,448 pesos, established by the end of the year.
The IMF decided to support the Central Bank's communication and noted that the entity takes "important steps" in the face of financial volatility. "We we support these measures, which are well calibrated to the challenge that Argentina is facing, "he said. Gerry rice, spokesperson for the multilateral organization.
The BCRA argued that the initiative responds to "strengthen the contractionist bias monetary policy, intervening in the exchange market to more aggressively reduce the amount of weights and thus contribute to the proper functioning of that market ".
The monetary entity has specified that it "can make sales of dollars even if the exchange rate is less than $ 51,448, whose amount and frequency will depend on the from the market".
"If the exchange rate exceeds US $ 51,448, the BCRA will increase from US $ 150 to USD 250 million in the amount of the daily sale stipulated so far, "he said.
With the agreement of the IMF, the Central can "determine the additional interventions to counter episodes of excessive volatility if necessary. "
In all cases, the quantity of weights resulting from such sales shall be deducted from the Monetary Base Target, within the objective of growth "zero" the liquidity of the economy, to also face the slowdown in inflation.
"The measures announced here make it possible to absorption of liquidity when the exchange rate is less than $ 51,448 and intensify this absorption when the dollar price is located above", the specified BCRA.