In force since Jul 14, 2025
LEFI discontinued: bank liquidity moves to Treasury bills
DNU 453/2025 + Joint Res. SF/SH 32/2025 + BCRA execution
in forceNATIONALApplies the same nationwide
Fiscal and monetary anchor
DNU 453/2025 swaps the BCRA's LEFI stock for Treasury bills of up to $28 trillion: bank liquidity moves into Treasury instruments.
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 LEFI (Fiscal Liquidity Bill) was discontinued as a monetary-policy instrument. DNU 453/2025 authorized swapping the LEFI stock maturing Jul 17, 2025 in the BCRA's portfolio for Capitalizable Treasury Bills in pesos for up to a face value of $28 trillion (exempt from art. 65 of Ley 24.156) and expanded by a face value of $50 trillion the 2025 bill-issuance authorization. Joint Resolution SF/SH 32/2025 implemented the swap with a basket of 33% LECAP (Aug 15, 2025) + 33% LECAP (Sep 12, 2025) + 34% BONCAP (Oct 17, 2025). Result: the LEFI stock in the BCRA's portfolio was replaced with Treasury debt, shifting liquidity management toward capitalizable bills, reserve requirements and open-market operations. verif Jul 7, 2025 ↗
In force
DNU 453/2025 is in force from its publication in the Official Gazette on Jul 7, 2025; Joint Res. 32/2025 set the swap operation on Jul 11, 2025 and settlement on Jul 14, 2025. The operational discontinuation of the LEFI by the BCRA (reported Jul 10, 2025) and the reserve-requirement changes (from August 2025) are BCRA execution with no primary source recorded. verif Jul 14, 2025 ↗
Who it applies to
BCRA, National Treasury and financial institutions (banks): the LEFI was the instrument through which banks placed remunerated excess liquidity with the BCRA. Replacing the stock with Treasury debt shifts the management of excess pesos to the Treasury (capitalizable bills) and to the reserve-requirements/open-market scheme, affecting the formation of short-term interest rates across the whole economy. verif Jul 7, 2025 ↗
The norm
Two federal instruments confirmed in the BO plus BCRA implementation not opened at the primary source: (1) DNU 453/2025 (DNU-2025-453-APN-PTE), signed Jul 4, 2025, published in the BO on Jul 7, 2025 (notice 327921); (2) Resolución Conjunta SF/SH 32/2025 of the Ministerio de Economía, signed Jul 11, 2025, published in the BO on Jul 14, 2025 (notice 328288). (3) The operational wind-down of the LEFI by the BCRA (reported on Jul 10, 2025) and the change in reserve requirements from August 2025 are BCRA implementation: the specific Comunicación 'A' was NOT identified at the primary source, so it remains unconfirmed. verif Jul 7, 2025 ↗
Our reading
The BCRA sheds a remunerated liability and returns liquidity regulation to the market and the Treasury: less endogenous printing to pay interest, more coherence with the fiscal and monetary anchor (R1/R6). It is one more step toward a peso that does not dilute itself. What to watch: in the transfer, the short-term rate was left more at the mercy of the market and the transition had episodes of rate volatility. thesis
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Analysis and curation: Ignacio Aredez
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