The combination of restrictive fiscal

The combination of restrictive fiscal and monetary policies meant that in the first nine months of the year the main source of growth in the BCRA’s monetary base was the purchase of dollars to strengthen the international reserves position (see Figure 2.e). This was possible because the severe contraction in local currency liquidity not only led the markets to sell dollars to the BCRA for pesos, but also enabled the BCRA to issue its interest-bearing liabilities in domestic currency (now scarce and revalued) at substantially lower rates. This facilitated a dramatic reduction in the interest rate on the BCRA’s interest-bearing liabilities สล็อตเว็บตรง