Fiscal-Monetary Interface

Financial flows between the National Treasury and the BCRA balance sheet. Temporary advances are direct peso loans from the BCRA to the Treasury. Leliq and Notaliq are short-term BCRA liabilities issued to absorb excess pesos from circulation (sterilization). Government deposits at the BCRA reflect the Treasury's cash position: deposits in pesos and in foreign currency are shown separately.

Outstanding stock of direct peso loans from the BCRA to the National Treasury.

Outstanding stock of BCRA short-term sterilization instruments (Letras de Liquidez and Notas de Liquidez), held by financial institutions.

Peso deposits held by the National Government at the BCRA. A rising balance indicates accumulation of fiscal surpluses.

Foreign currency deposits held by the National Government at the BCRA.