January 17, 2020 / 9:47 PM / a month ago

Argentine central bank cuts frequency of Leliq auctions to "better control" liquidity

BUENOS AIRES, Jan 17 (Reuters) - Argentina’s central bank said on Friday that it would adjust how it issues Leliq notes, which currently set the country’s benchmark interest rate, reducing the number of auctions each week and adding longer tenor 14-day notes.

The bank, which has been gradually lowering the interest rate floor on Leliq debt, said that issuance of 7-day and 14-day notes would be made on Tuesday and Thursday with a single daily auction. There are currently two Leliq auctions every week day.

The central bank added that the new measures, which would formally come into effect next Tuesday, would help “better control liquidity conditions” as the country’s new Peronist government looks to stabilize the economy and revive growth. (Reporting by Adam Jourdan and Maximilian Heath)

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