The Finance Secretariat called an auction to renew nearly $15 trillion in debt on November 26. The Central Bank cut interest rates to 20% TNA and eased bank reserve requirements to encourage bond purchases. These steps aim to absorb liquidity, extend maturities, and boost economic activity.
The Finance Secretariat announced an auction of National Treasury instruments for Wednesday, November 26, aiming to renew peso-denominated debt worth nearly $15 trillion. The offering includes fixed-rate titles such as the Bono T13F6 (maturity 13/02/2026), Letra S30A6 (30/04/2026), and others maturing up to 2027. A new Letra at TAMAR rate with April 2026 maturity is introduced, based on the Badlar/TAMAR average for private bank deposits over one billion pesos. There are also CER-adjusted instruments like a new LECER (29/05/2026), and dollar-linked ones such as the Letra D30A6 (30/04/2026).
Meanwhile, the Central Bank (BCRA), led by Santiago Bausili, lowered simultaneous rates from 22% to 20% TNA, a tool for daily liquidity regulation. This cut follows a week of exchange rate stability and seeks to normalize the economy and boost credit. Additionally, via Communication A8355, the BCRA eased reserves starting December 1: the daily minimum cash floor drops from 95% to 75%, removing an additional 3.5% on certain peso obligations. It allows up to 3.5 percentage points to be met with public titles and extends a 5% requirement for Group A banks until March 31, 2026, encouraging primary bond subscriptions.
These measures aim to boost demand for Treasury debt, facilitate rollover of maturities, and promote remonetization amid inflation reduction efforts. Experts note they extend timelines to avoid short-term buildups and provide room for reserve purchases without monetary stability risks.
