Friday, January 28

Key to the market: what are the BCRA’s objectives and plans for 2022

– Set the path of the policy interest rate so as to tend towards positive real returns on investments in local currency, and to preserve monetary and exchange stability.

– Contribute to the development of the capital market and safeguard the financial balance.

– Recalibrate the reserve requirement scheme to reinforce the monetary policy transmission channel.

Exchange policy

– Preserve levels of external competitiveness, gradually readjusting the crawl rate within the framework of the current floating regime managed at the rate of inflation.

– Strengthen the position of international reserves through the accumulation of the external surplus reflected in the exchange market.

– Prudently manage exchange regulations in order to adapt them to the needs of the situation, favoring monetary and exchange stability. As macroeconomic conditions allow, regulations will be made more flexible, with the aim of maintaining in the medium and long term a set of macroprudential regulations compatible with the revitalization of capital flows oriented to the real economy.

Credit policy

– Stimulate greater financial intermediation tending to meet the financing needs for the development of consumption, productive investment and technological change.

– Maintain an active and dynamic credit policy that can adapt to the needs of the situation. – Promote growth in credit to the private sector in pesos in terms of GDP.

Financial policy

– Encourage financial institutions to maintain adequate levels of liquidity and solvency.

– Implement prudential micro and macro policy actions that are aimed at favoring a scenario of financial stability, in line with the best international recommendations on regulatory matters. – Strengthen measures aimed at boosting credit to MSMEs and the economic sectors most damaged by the pandemic. Deepen the bias towards options that allow the country’s productive investment to scale up, without neglecting the resource needs of those sectors that continue to reactivate, or the consumption and investment needs of families.

– Strengthen “Transfer Payment”, a modern and low-cost electronic instrument that offers efficiency gains for businesses and consumers, promoting financial inclusion. The encouragement to the use of the electronic check and the electronic credit invoice will also facilitate access to credit in better conditions for its issuers throughout the entire territory.

– Accompany the development of technological innovations on the financial system in such a way as to integrate the application of technology and the emergence of new providers of financial services in a prudential framework of protection, transparency and security for the users thereof.

– Expand federal financial education actions, advancing in the design and development of educational programs, placing special emphasis on progressively reaching a greater number of people, by signing new agreements, and with the desire to reach the most important sectors first. vulnerable.

– Continue making progress in actions aimed at improving the cyber resilience and cybersecurity of financial institutions, MFIs, PSPs, and other actors in the financial system, in a context of increasing the supply of new digital services supported by technological innovations available, and the growing use of them by the population.

– Evaluate the evolution and implications of crypto assets for the system and for users of financial services, while monitoring the progress that other jurisdictions and international organizations are implementing.

– Take action within the framework of international and local commitments regarding the development of sustainable finance, addressing the associated risks and opportunities.