The norm, in detail
BCRA repos: end of endogenous money printing
DNU 602/2024 + BCRA Communication "A" 8060
in forceNATIONAL
Fiscal and monetary anchor
What changed and who it applies to
What changed
The BCRA suspended the reverse repos (successors to the LELIQ) as of Jul 22, 2024 via Communication 'A' 8060 and shifted the management of the banking system's excess liquidity to the Fiscal Liquidity Bill (LeFi), created by DNU 602/2024 for a face value of $20,000,000,000,000, capitalizable at the BCRA's monetary-policy rate. With the migration, the financial cost of the peso surplus moved from the BCRA to the National Treasury, closing a structural source of endogenous money printing. The unwinding was executed (it did not remain an announcement). verif · Jul 10, 2024 ↗
In force
DNU 602/2024 signed and published in the Official Gazette on Jul 10, 2024; the operational suspension of the reverse repos is in force from Jul 22, 2024 (BCRA Communication 'A' 8060). verif · Jul 22, 2024 ↗
Who it affects
Financial institutions (banks) that placed excess liquidity in the BCRA's reverse repos, now channeled to the LeFi/Treasury debt; the National Treasury, which assumes the financial cost of the peso surplus; and at the macro level the whole economy, by closing a structural source of endogenous money printing. verif · Jul 10, 2024 ↗
The norm
DNU 602/2024 (DNU-2024-602-APN-PTE), which authorizes the issuance of the Letra Fiscal de Liquidez (LeFi, the Treasury's liquidity bill) for an original face value of $20,000,000,000,000, with the explicit purpose of cleaning up the BCRA's interest-bearing liabilities, complemented by BCRA Comunicación 'A' 8060, which defines the LeFi's technical mechanics and suspends the liquidity-absorbing repos (pases pasivos). verif · Jul 10, 2024 ↗
Our reading
The BCRA closed the repo window (successor to the LELIQ) and shifted the regulation of excess liquidity to the Treasury: a structural source of endogenous printing is switched off, a pillar of the 'zero printing' that anchors disinflation (R6 fiscal/monetary anchor → R3 stability). What we watch without suspecting the course: that the absorption stays orderly at the Treasury and that the real rate stays positive. thesis
Where it lands, province by province
Applies the same nationwide
We looked at this rule from each of the five provinces we track and found no effect that lands differently in any of them: it applies the same across the country.
The other rules on this subject19
Fiscal Package: asset declaration, moratorium and tax cutsLaw 27.743 (Official Gazette Jul 8, 2024)in force
Fiscal anchor: surplus two years in a rowExecutive execution policy on the extended budget (Decree 1131/2024)in force
Payment to holdouts: closing the 2001-default lawsuitsLaw 27.818 (promulgated by Decree 564/2026, Official Gazette Jul 1, 2026)in force
The "lock on the State": fiscal balance by lawLaw 27.798 (2026 Budget), art. 1 — in force; the permanent "lock on the State" still a billpending
PAÍS Tax: it rose, fell and expiredDecree 29/2023 + Decree 777/2024 (expiry of Law 27.541, 12/23/2024)in execution
Renting out and selling housing no longer pays income taxLaw 27,802 Title XXIV + Decree 406/2026 (Official Gazette Jun 1, 2026)in force
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading