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Argentina introduces 14-day Leliq notes, reduces frequency of auctions

Argentina's central bank said it will reduce the frequency of auctions for Leliq notes, which are issued twice per business day to establish the country's benchmark interest rate, to twice per week on Tuesdays and Thursdays.

Banco Central de la República Argentina will also start auctioning 14-day Leliq notes, in addition to the seven-day notes it already offers.

The changes, which take effect Jan. 21, will help the central bank "better control" liquidity conditions in Argentina's recession-hit economy, the regulator said in a statement.

Argentina's new government is looking to stabilize the economy as it heads into debt restructuring talks with creditors including the International Monetary Fund. The central bank, under new chief Miguel Pesce, has lowered the floor on the Leliq rate multiple times in the past few weeks. The rate floor currently stands at 50%, down from 63% in December 2019.