Monetary Base Components

Monetary Circulation is banknotes and coins held by the public and financial institutions, plus cheques cancelatorios. Bills and Coins (Billetes y Monedas) is monetary circulation minus cash held by financial institutions. Cash at Financial Institutions is the peso cash held by banks and other financial entities. Bank Deposits are current account deposits in pesos that financial institutions hold at the BCRA, which also form part of the monetary base.