Monday , May 10 2021

Banks to earn money from abroad to make "bikes" with Leliq won 8% of the dollar

They're suspected of stopping

They believe that laces placed by the center will only make the operation more expensive. Sandleris specifically targeted three people. To draw attention

it was one hidden for sounds in market financial she is Bank central seeIfor tracing movement, knowledge competitionfors bit endless, between three persons in specific she is them executive this is a active between receive prtostamos with they housing matrix for do "bike financial" with letters between liquidity (Leliq) threads authority monetary. nothing illegal: they call maximize generous mortar she is payment Guido Sandleris and do her own contract.

What they were doing was to ask for a loan from the parent companies that came in dollars to the local market (hence there was a higher foreign exchange supply that pushed the exchange rate down), and then went to the pesos to make a profit by selling them. fast.

The benefit they achieve, exactly, did not pass anything. As IProfesional has learned, these banks have managed to make a profit of 8% for this "handrail". How did it work? Foreign assets made this calculation much easier:

Leliq to 70% increase As a big incentive, a short time ago (most of the operations took place at the time, and now it did not fall)

reduced cost for future dollar coverage what they should do to secure the amount of "exit" after collecting the rent in the slip for letters

-and that's what they haveto hide the interest rate of the credit used by their parentsusually around 7% per year (Libor rate)

This account in the bank, 30 days or 60 days, they do not make a profit of 8%.

Forward, they emerge within the beings, Continuing this operation will depend on the level of fees paid by the Center. It determines whether the work is going on, and not so much that is imposed by the end of the day – it just makes the process more expensive, but it never stops.

"Measure with a fund of 7% to move to the peso and buy Leliq You will get more than 2 points. So, you're going to 9%. Nobody's deathThey entrusted iProfesional to another foreign entity operating in Argentina.

In fact, although the taxation of the BCRA was known, the dollar began to rise, but it returned to its normal lane and earned 10 cents in the wholesale market (with Wall Street and the rest of the remaining Argentine assets).

" problem this she is mortar estforn If desarbitradas. after contract estfor given by this levels high she is payment central when no Medinafors in rest between assets. when she is that balance leavefor between be contract" RECOGNITIONor.

It seems that the Central Bank knows this and gradually decreases the rates of Leliq: from 73.50% to the current 66.65%.

The formal intent is to continue testing the market by reducing this financial cost. but The same beings are those who want to maintain the patience of Guido Sandleris because of their connivance or what they find a job. "We believe that the Central Bank should be cautious about reducing interest rates, we should go slow and consolidate. What we were getting, "warned.

For the time being, BCRA went out to place custom-made washcloths at the start of the rumor that there might be some capital control in the afternoon (sometimes) corner.

"In this arrangement there is nothing limiting the free movement of capital.. Sandleris spokesmen noted that this measure does not affect the likelihood of any resident or non-resident individual gaining fixed dates or Lecaps.

According to the Center, through the communication of A6595, it is to homogenize the liquidity conditions required for different forms of international funding by financial institutions.

"that eliminates one distortionorn she is there isIfor and she is no frontIfor sense in treatment in ttoconditions between lace between different forms between funded between banks. one mode between sample, if one bank that ferrous in tooth with one obligationorn arguable (OPEN) in Dorlares for less between 30 DIace, frontIfor she is put one 23% between lace. but if in time between do this with one OPEN she is crossIfor acceptance one prtoSTAMO, no frontIfor she is make ningunaún lace. This is a measure trims she is distortionorn" they stressed from reconquest 266.

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