Reporte_monetario.knit

On a YoY basis, monetary bases expanded xxx

YTD monetary base expanded by ARS 472.8 bn (19.1%). The factors explaining the rise were FX net purchases (673.4 bn) and Treasury financing (513.1 bn), while Repos and LELIQ bills contributed to the sterilization with ARS 383.3 bn.
As a percentage of GDP, the monetary base stood at 7.4% of GDP, 2.2 pps below the historic median (9.6% of GDP). Private M2 ratio as to GDP stood at 13.8% accumulating a 0.2 pps rise as from September 2021, it was 0.3 pps above the historic median (13.5% of GDP). Finally, cash held by the public stood at 4.9% of GDP, 1.6 .pps below the historic median.
MTD (October 2021) the seasonally-adjusted private M2 fell -1.1% MoM in real terms and -6.5% YoY.

Remunerated liabilities (the sum of LELIQ bills, repos and Lebacs) stood at 10.4% of GDP (ARS 4,132 bn), falling 0 pps from December 2020. They are 1.7 pps below the previous peak of February 2018 (12.1% GDP).

Last 12 month rolling sum of monetary financing to the Treasury stood at 2.4% of GDP (944.9 ARS bn), rising 0.2 pps from September 2021. It is 5.9 pps below the previous peak of September 2020 (8.3% of GDP).
Central Bank temporary advances to the Treasury fell to ARS 1172.3 bn from 1449.7 in September 2021. The Central Bank can transfer ARS 976 bn (2.5% GDP) in temporary advances without reaching the legal limit imposed by the BCRA’s charter.

On Sep 30 international net reserves ended at USD 7693 bn, recording a fall of USD -3599 mn against a month ago (2021-09-02). Net purchases of foreign currency to the private sector for USD -868 bn contributed to the contraction of net reserves.

In the last five working days (Data up to Oct 06 ), the nominal exchange rate depreciated by 0.22% (0.88% mensualized), to USD/ARS 98.9.
In the last five working days (Data up to Oct 06 ), the BCS nominal exchange rate depreciated by 1%, to USD/ARS 176.4. The BCS premium endend at 78.4% , up 1.3pps from previuos week.

The multilateral real exchange rate (REER) apreciated by -0.3%, standing -7.6 pps below its historic average (117).
The BCS multilateral real exchange rate (REER) depreciated by 0.4%, standing 64.8 pps above oficial FX REER historic average (117).

In the past week, the policy rate NA%.
Passive interest rates remained stable in the past week. Private banks’ TM20 averaged 34% (2.8 % EIR), while the interest rate on natural persons’ deposits up to ARS 100,000 stood at 34.7% (2.9% EIR) on average.The overnight call rate averaged 29.8% (see figure).
lending interest rates exhibited no significant changes over the past 30 days. The interest rate on overdrafts averaged 35.7% while the interest rate on personal loans fell and averaged 53.4% in the past 30 days.
The ex post real Badlar annualized stood at 2.7% in Sep-21 (down from 4.5% in Aug-21) , while the The ex post real Badlar annualized stood at 0.5% (up from 0.5% in Aug-21).