In force since Jul 22, 2024
Central Bank repos: suspended, with liquidity moving to Treasury bills
DNU 602/2024 + BCRA Communication "A" 8060
in forceNATIONALApplies the same nationwide
Fiscal and monetary anchor
Com. BCRA "A" 8060 ends the pases pasivos on Jul 22, 2024 and DNU 602/2024 creates the LeFi: the cost of liquidity moves to the Treasury.
The other rules on this subject23
Fiscal Package: asset amnesty, moratorium and tax cutsLey 27.743 (Official Gazette Jul 8, 2024)in force
Fiscal anchor: surplus two years in a rowExecutive execution policy on the extended budget (Decreto 1131/2024)in force
Payment to the creditors who stayed out of the swap: closing the 2001-default lawsuitsLey 27.818 (promulgated by Decreto 564/2026, Official Gazette Jul 1, 2026)in force
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 applies to
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
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Analysis and curation: Ignacio Aredez
Head of Despegue
Method and track record →- 20+ years in technology, 15 of them in data and AI, for clients across Europe and the Americas
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- Machine Learning (Google Cloud)
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