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Argentine central bank to launch 3rd stage of Lebac reduction plan

Banco Central de la República Argentina on Oct. 12 laid out the third stage of its Lebac reduction plan, through which the central bank will only renew between 100 billion and 150 billion pesos of some 231 billion pesos worth of notes held by nonbank investors that are set to mature.

The plan will gradually halve the stock of the notes through December, after which they will only be held by banks. According to a statement from the central bank, the stock currently amounts to 340 billion pesos, before the third stage program, which is set for Oct. 16. The central bank said 12% of these are held by banks and the rest by nonbanks.

The move is a part of a broader monetary scheme that will see seven-day Leliq notes, which are only for Argentine banks, replace the Lebac notes.

Under a new strategy implemented Sept. 28, BCRA is now conducting its monetary policy through the Leliq notes.

As of Oct. 11, US$1 was equivalent to 36.84 Argentine pesos.