March 15, 2017 / 12:00 AM / a year ago

Argentina issues short-term local bonds at lower yield

BUENOS AIRES, March 14 (Reuters) - Argentina’s central bank issued $18.18 million in short and medium term local currency debt on Tuesday and set a yield for 35-day bonds at 22.25 percent compared to 22.75 percent last month.

That is below the bank’s benchmark policy rate of 24.75 percent. Until this year the central bank tied its monetary policy rate to the Lebac securities.

The central bank is now issuing the so-called Lebac bonds on the second Tuesday of every month and as of March is separately publishing the seven-day interbank lending rate as its benchmark monetary policy rate every other week.

The bank began targeting inflation last year, breaking with unorthodox monetary policymakers under Argentina’s previous president. (Reporting by Walter Bianchi and Caroline Stauffer; Editing by Bernard Orr)

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