intervene directly or indirectly the dollar is little more than one weight of the lower, today at $35.40 band. In the case that it maintain its downward trend then the Central must intervene so that you do not puncture it, those are rules proposed Sandleris at the beginning of its mandate. Before intervening directly buying dollars is doing is lowering the interest rate of the Leliq. The letters of liquidity of the Central banks are parallel to the bands of intervention tool to hold funds and not pressuring the dollar. Last Friday the Leliq average rate fell to 66,65%, marking its lowest point since its birth. It is worth to remember that I get to pay about 74% interest rate.
Trying to contain the financial bike with such high interest rates motivated that dollars are sold, those pesos to buy the Leliq to 7 days and in the term charge thickened gain to pass it back to dollars. A round and secure business called “carry trade”. The era change entered desregularizando the entry and exit of capital leaving very exposed to the foreign exchange market, which suffered the effects on successive runs of the year. As we come will and that alone an uncertain horizon.
However, and in an attempt to control the situation the Central imposed banking lace for funds from abroad. The laces are reduced long are funds and disappear completely when they are more than one year. “Loans to 29 days must pay a socket, i.e. money frozen by banks, 23%, for loan losses between 30 and 59 days the capacity falls to 17%; between 60 and 90 days 11%; between 91 and 179 days 5%; from 180 to 354 days 2%, and a year or more, without having to freeze money”says the official communication. In fact it does not imply any limitations to the free movement of capital, but it reduces the total amount you can ride the bike.