Monthly Monetary Report, September 2023

Summary

Title: Monetary Developments and Financial Markets – October 6, 2023

This report provides an in-depth analysis of the evolution of the monetary base, broad monetary aggregates, passive interest rates, loans to the private sector, active interest rates, bank liquidity, international reserves, and foreign exchange market, as well as monetary and financial indicators.

Monetary Base and Broad Monetary Aggreges

The monetary base has experienced a slight increase, driven by the growth of reserve requirements and net foreign assets. Broad monetary aggregates, such as M1 and M3, have also shown a moderate expansion, indicating a gradual increase in money supply.

Interest Rates and Credit

Passive interest rates, including the overnight rate and the 7-day repo rate, have remained steady, while active interest rates, such as the 28-day repos, have increased slightly. Loans to the private sector have shown a moderate growth, driven by the recovery of economic activity.

Liquidity and International Reserves

Bank liquidity has improved, with the Liquidity Adjustment Facility (LAF) absorbing excess liquidity. International reserves have also increased, providing a buffer against potential shocks.

Foreign Exchange Market

The foreign exchange market has been stable, with the Argentine peso experiencing a moderate appreciation against major currencies. Reserve requirements have been adjusted to maintain monetary stability and support economic growth.

Monetary and Financial Indicators

Monetary and financial indicators, such as the inflation rate, GDP growth, and unemployment rate, have shown signs of stabilization, with a gradual recovery in economic activity.

In conclusion, this report provides a comprehensive overview of the monetary and financial developments in October 2023. The growth of the monetary base, broad monetary aggregates, and loans to the private sector has contributed to the gradual recovery of economic activity. The stability of interest rates, liquidity, and international reserves has provided a favorable environment for economic growth. However, vigilance is still required to ensure that inflation remains under control and economic stability is maintained.

Please note that the analysis is based on the provided document and may not capture all relevant information. For more information, please contact the author or the institution responsible for the report.

Reference
Report: [Insert report title and authors]
Date: October 6, 2023
Source: [Insert source and website]