BCRA Increases Monetary Policy Rate

The Board of the BCRA has decided today to raise the monetary policy rate by 21 percentage points. This way, the APR on 28-day Liquidity Bills (LELIQs) has risen to 118% (209% EAR).

The minimum interest rate on time deposits will be adjusted in terms of this new monetary policy rate.

The BCRA deems it fit to readjust the interest rates of the monetary policy instruments in line with the adjustment of the official exchange rate. This measure was taken to anchor foreign exchange rate expectations and reduce the extent of pass-through to prices, obtain positive real returns on investments in domestic currency and encourage international reserves accumulation.

The BCRA will keep on monitoring the development of the general level of prices, the financial and forex market dynamics, and the monetary aggregates to calibrate the interest rate policy.

August 14, 2023

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