{"id":3539,"date":"2025-10-30T14:24:57","date_gmt":"2025-10-30T14:24:57","guid":{"rendered":"https:\/\/nazkadigital.com\/?p=3539"},"modified":"2025-10-30T14:24:58","modified_gmt":"2025-10-30T14:24:58","slug":"economia-logro-renovar-solo-el-60-de-la-deuda-y-enfrenta-trabas-para-bajar-los-encajes-bancarios","status":"publish","type":"post","link":"https:\/\/nazkadigital.com\/?p=3539","title":{"rendered":"Econom\u00eda logr\u00f3 renovar solo el 60% de la deuda y enfrenta trabas para bajar los encajes bancarios"},"content":{"rendered":"\n<p><br><em>La baja adhesi\u00f3n al canje inyect\u00f3 pesos en el sistema y complica la estrategia oficial de flexibilizar las exigencias a los bancos.<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>El Ministerio de Econom\u00eda apenas consigui\u00f3 renovar el 60% de los $11,4 billones de deuda en pesos que venc\u00edan este mi\u00e9rcoles, lo que encendi\u00f3 luces de alerta en el Banco Central (BCRA) a horas de una reuni\u00f3n clave del directorio. El flamante secretario de Finanzas, <strong>Jos\u00e9 Luis Daza<\/strong>, enfrenta as\u00ed su primera prueba: manejar el exceso de liquidez generado por el pago en efectivo de unos $4,5 billones, que podr\u00edan presionar sobre el d\u00f3lar.<\/p>\n\n\n\n<p>La menor aceptaci\u00f3n del canje dej\u00f3 \u201cpesos sueltos\u201d en el sistema financiero justo cuando los bancos vienen reclamando <strong>una reducci\u00f3n de los encajes<\/strong> \u2014los dep\u00f3sitos inmovilizados como reservas obligatorias\u2014 para ampliar su capacidad de cr\u00e9dito. Sin embargo, ante el riesgo cambiario, en el Palacio de Hacienda hay dudas sobre avanzar con esa flexibilizaci\u00f3n.<\/p>\n\n\n\n<p>Como alternativa, las entidades financieras propusieron que la integraci\u00f3n de los encajes pase de una exigencia <strong>diaria a semanal<\/strong>, con el objetivo de aliviar la presi\u00f3n sobre las tasas de inter\u00e9s.<\/p>\n\n\n\n<p>Seg\u00fan el economista <strong>Hern\u00e1n Letcher<\/strong>, \u201cen una licitaci\u00f3n donde venc\u00edan $11,4 billones, el Tesoro logr\u00f3 renovar el 60,3%, colocando $6,9 billones. El pago en efectivo de los $4,5 billones restantes mejora la liquidez, pero tambi\u00e9n empuja las tasas, que llegaron al 97,53% TNA en las operaciones REPO\u201d.<\/p>\n\n\n\n<p>El Tesoro no emiti\u00f3 t\u00edtulos d\u00f3lar-linked y concentr\u00f3 la colocaci\u00f3n en instrumentos a tasa fija con vencimientos entre noviembre y abril. \u201cEl nivel de tasas refleja la pol\u00edtica contractiva del BCRA, que busc\u00f3 absorber pesos para evitar presiones sobre el tipo de cambio\u201d, a\u00f1adi\u00f3 Letcher.<\/p>\n\n\n\n<p>El resultado deja al Gobierno ante un dilema: por un lado, m\u00e1s dinero circulando puede dinamizar la econom\u00eda y el cr\u00e9dito; por otro, <strong>ese excedente de pesos podr\u00eda volcarse al d\u00f3lar<\/strong>, complicando el fr\u00e1gil equilibrio cambiario.<\/p>\n\n\n\n<p>En ese contexto, la decisi\u00f3n sobre los encajes \u2014una de las principales herramientas del BCRA para regular la liquidez\u2014 se convirti\u00f3 en un <strong>movimiento decisivo para los pr\u00f3ximos d\u00edas<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"120\" src=\"http:\/\/nazkadigital.com\/wp-content\/uploads\/2025\/07\/digesto_900x120.gif\" alt=\"\" class=\"wp-image-3406\"\/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>La baja adhesi\u00f3n al canje inyect\u00f3 pesos en el sistema y complica la estrategia oficial de flexibilizar las exigencias a los bancos. El Ministerio de Econom\u00eda apenas consigui\u00f3 renovar el 60% de los $11,4 billones de deuda en pesos que venc\u00edan este mi\u00e9rcoles, lo que encendi\u00f3 luces de alerta en el Banco Central (BCRA) a &hellip;<\/p>\n","protected":false},"author":4,"featured_media":3540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[66,1],"tags":[],"class_list":["post-3539","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-nacionales","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Econom\u00eda logr\u00f3 renovar solo el 60% de la deuda y enfrenta trabas para bajar los encajes bancarios - NAZKA DIGITAL<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nazkadigital.com\/?p=3539\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Econom\u00eda logr\u00f3 renovar solo el 60% de la deuda y enfrenta trabas para bajar los encajes bancarios - NAZKA DIGITAL\" \/>\n<meta property=\"og:description\" content=\"La baja adhesi\u00f3n al canje inyect\u00f3 pesos en el sistema y complica la estrategia oficial de flexibilizar las exigencias a los bancos. El Ministerio de Econom\u00eda apenas consigui\u00f3 renovar el 60% de los $11,4 billones de deuda en pesos que venc\u00edan este mi\u00e9rcoles, lo que encendi\u00f3 luces de alerta en el Banco Central (BCRA) a &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nazkadigital.com\/?p=3539\" \/>\n<meta property=\"og:site_name\" content=\"NAZKA DIGITAL\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-30T14:24:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-30T14:24:58+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/nazkadigital.com\/wp-content\/uploads\/2025\/10\/6902363271cf8-screen-and-max-width480px_880_880.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"880\" \/>\n\t<meta property=\"og:image:height\" content=\"880\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"nazka\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"nazka\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/nazkadigital.com\/?p=3539#article\",\"isPartOf\":{\"@id\":\"https:\/\/nazkadigital.com\/?p=3539\"},\"author\":{\"name\":\"nazka\",\"@id\":\"http:\/\/nazkadigital.com\/#\/schema\/person\/74ebb5a21448e6f525ad108e8862efbc\"},\"headline\":\"Econom\u00eda logr\u00f3 renovar solo el 60% de la deuda y enfrenta trabas para bajar los encajes bancarios\",\"datePublished\":\"2025-10-30T14:24:57+00:00\",\"dateModified\":\"2025-10-30T14:24:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/nazkadigital.com\/?p=3539\"},\"wordCount\":380,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/nazkadigital.com\/?p=3539#primaryimage\"},\"thumbnailUrl\":\"https:\/\/nazkadigital.com\/wp-content\/uploads\/2025\/10\/6902363271cf8-screen-and-max-width480px_880_880.webp\",\"articleSection\":[\"NACIONALES\",\"Uncategorized\"],\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/nazkadigital.com\/?p=3539#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nazkadigital.com\/?p=3539\",\"url\":\"https:\/\/nazkadigital.com\/?p=3539\",\"name\":\"Econom\u00eda logr\u00f3 renovar solo el 60% de la deuda y enfrenta trabas para bajar los encajes bancarios - 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