Argentina Monetary Policy and GDP

by Eduardo Petazze
The following tables contain monthly information on the evolution of monetary aggregates (Mo), and the reserves of the Central Bank of Argentina
(BCRA) and its comparison with the Domestic Demand data (from the GDP new methodology), all expressed in current pesos.
The ratio "Mo/Daily Domestic Demand" shows periods of over-expansion of the money supply in terms of the needs of currency to cover normal
commercial transactions (when the standardized variable is more than 1.00).
The ratio "Mo/FX Reserves Balance" shows periods of spurious emission without backed in net liquid FX assets (when the standardized variable is
moe than 1.00)

Monthly Data:
Month
Jan-93
Feb-93
Mar-93
Apr-93
May-93
Jun-93
Jul-93
Aug-93
Sep-93
Oct-93
Nov-93
Dec-93
Jan-94
Feb-94
Mar-94
Apr-94
May-94
Jun-94
Jul-94
Aug-94
Sep-94
Oct-94
Nov-94
Dec-94
Jan-95
Feb-95
Mar-95
Apr-95
May-95
Jun-95
Jul-95
Aug-95
Sep-95
Oct-95
Nov-95
Dec-95
Jan-96
Feb-96
Mar-96
Apr-96
May-96
Jun-96
Jul-96
Aug-96
Sep-96
Oct-96
Nov-96
Dec-96
Jan-97
Feb-97
Mar-97
Apr-97
May-97
Jun-97
Jul-97
Aug-97
Sep-97
Oct-97
Nov-97
Dec-97
Jan-98
Feb-98
Mar-98
Apr-98
May-98
Jun-98
Jul-98
Aug-98
Sep-98
Oct-98
Nov-98
Dec-98
Jan-99
Feb-99
Mar-99
Apr-99
May-99
Jun-99
Jul-99
Aug-99
Sep-99
Oct-99
Nov-99
Dec-99
Jan-00
Feb-00
Mar-00
Apr-00
May-00
Jun-00
Jul-00
Aug-00
Sep-00
Oct-00
Nov-00
Dec-00
Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14

Daily
domestic USD=$ARG
demand
621.07
1.0000
632.45
1.0000
643.83
1.0000
588.88
1.0000
599.48
1.0000
607.48
1.0000
652.42
1.0000
661.12
1.0000
662.77
1.0000
646.02
1.0000
647.63
1.0000
656.25
1.0000
723.38
1.0000
733.01
1.0000
744.10
1.0000
673.53
1.0000
683.71
1.0000
687.20
1.0000
728.26
1.0000
731.97
1.0000
733.30
1.0000
720.23
1.0000
721.54
1.0000
719.68
1.0000
779.73
1.0000
777.72
1.0000
768.67
1.0000
669.69
1.0000
661.89
1.0000
662.13
1.0000
702.90
1.0000
703.16
1.0000
706.36
1.0000
698.92
1.0000
702.11
1.0000
706.74
1.0000
759.98
1.0000
764.99
1.0000
773.66
1.0000
705.58
1.0000
713.57
1.0000
719.05
1.0000
766.25
1.0000
772.13
1.0000
778.46
1.0000
769.47
1.0000
775.78
1.0000
785.78
1.0000
846.84
1.0000
857.75
1.0000
863.52
1.0000
794.06
1.0000
799.40
1.0000
806.24
1.0000
863.56
1.0000
870.95
1.0000
878.98
1.0000
861.54
1.0000
869.48
1.0000
871.74
1.0000
917.13
1.0000
919.51
1.0000
923.84
1.0000
856.99
1.0000
861.03
1.0000
859.94
1.0000
917.49
1.0000
916.33
1.0000
908.80
1.0000
875.78
1.0000
868.58
1.0000
865.82
1.0000
899.60
1.0000
896.74
1.0000
894.48
1.0000
817.99
1.0000
815.93
1.0000
815.47
1.0000
874.61
1.0000
874.12
1.0000
877.90
1.0000
869.37
1.0000
873.12
1.0000
868.49
1.0000
893.46
1.0000
888.72
1.0000
885.79
1.0000
814.72
1.0000
812.03
1.0000
817.37
1.0000
870.56
1.0000
876.28
1.0000
879.83
1.0000
856.46
1.0000
859.94
1.0000
857.68
1.0000
890.65
1.0000
888.32
1.0000
872.85
1.0000
821.28
1.0000
806.98
1.0000
798.61
1.0000
825.54
1.0000
816.98
1.0000
805.31
1.0000
759.80
1.0000
748.95
1.0000
744.34
1.0000
747.89
1.4000
743.29
2.1500
769.16
2.9500
809.00
2.9500
837.16
3.6000
854.86
3.8000
882.51
3.6800
901.17
3.6200
918.85
3.7500
901.04
3.5500
918.72
3.5700
939.76
3.3630
967.22
3.2400
989.37
3.1817
1,004.56
2.8710
1,042.22
2.8547
1,058.22
2.8825
1,074.44
2.7940
1,096.07
2.8797
1,112.87
2.9720
1,141.56
2.9055
1,156.80
2.8632
1,186.63
2.9770
1,214.67
2.9345
1,239.72
2.9428
1,269.02
2.9243
1,285.30
2.8550
1,314.59
2.8452
1,331.45
2.9642
1,353.47
2.9607
1,371.08
2.9760
1,393.76
3.0003
1,410.34
2.9825
1,413.57
2.9782
1,430.40
2.9510
1,452.01
2.9738
1,494.93
2.9253
1,517.52
2.9327
1,551.83
2.9233
1,595.41
2.9133
1,631.48
2.8877
1,663.80
2.8908
1,680.49
2.8628
1,713.78
2.9117
1,757.62
2.9125
1,769.21
3.0097
1,814.47
2.9735
1,845.46
3.0315
1,900.62
3.0637
1,933.08
3.0728
1,965.70
3.0808
2,016.39
3.0438
2,050.42
3.0868
2,084.25
3.0848
2,129.81
3.0748
2,164.95
3.0972
2,188.20
3.1043
2,164.02
3.0933
2,187.25
3.0693
2,246.06
3.0695
2,326.35
3.1063
2,388.90
3.1010
2,428.31
3.1007
2,495.05
3.0898
2,536.21
3.0785
2,604.50
3.0908
2,686.73
3.1195
2,759.08
3.1558
2,840.32
3.1495
2,858.45
3.1477
2,942.62
3.1442
2,991.32
3.1510
2,999.38
3.1557
3,049.02
3.1587
3,119.88
3.1653
3,309.30
3.1635
3,386.21
3.0978
3,422.87
3.0242
3,459.43
3.0305
3,496.88
3.0288
3,512.84
3.1302
3,473.36
3.3790
3,489.21
3.3690
3,502.99
3.4537
3,493.55
3.4875
3,507.34
3.5595
3,535.58
3.7135
3,646.83
3.7198
3,676.19
3.7465
3,727.14
3.7952
3,762.31
3.8305
3,814.45
3.8525
3,904.48
3.8427
3,922.60
3.8190
4,015.18
3.8102
4,098.90
3.7967
4,200.73
3.8230
4,288.33
3.8598
4,378.82
3.8763
4,549.10
3.8862
4,645.10
3.9268
4,761.10
3.9318
4,875.97
3.9395
4,997.73
3.9497
5,079.84
3.9607
5,055.17
3.9570
5,138.22
3.9840
5,267.13
3.9758
5,436.56
4.0008
5,572.95
4.0305
5,698.80
4.0520
5,938.30
4.0805
6,072.40
4.0887
6,161.69
4.1110
6,196.13
4.1430
6,287.23
4.1995
6,391.49
4.2045
6,415.48
4.2355
6,521.87
4.2807
6,615.92
4.3032
6,669.33
4.3362
6,765.51
4.3565
6,846.88
4.3785
7,106.21
4.4148
7,191.68
4.4713
7,312.57
4.5253
7,358.39
4.5833
7,482.09
4.6347
7,632.60
4.6942
7,736.71
4.7655
7,892.34
4.8338
8,014.77
4.9173
8,230.81
4.9768
8,358.49
5.0445
8,549.93
5.1223
8,763.73
5.1840
8,964.45
5.2837
9,101.86
5.3852
9,163.39
5.5065
9,303.84
5.6713
9,420.19
5.7915
9,453.49
5.9108
9,571.71
6.1360
9,760.06
6.5180
10,173.47
8.0182
10,373.66
7.8782
10,465.98
8.0098
10,496.20
8.0015
10,589.61
8.0777
10,707.19
8.1740
10,750.63
8.3760
10,869.99
8.5750
10,998.17
8.7900
11,009.55
8.9800
11,139.38
9.1950
11,307.03
9.4000

BCRA data million pesos

FX Reserves
Mo
Net
Liabilities
9,142.5
11,288.4
0.0
9,010.5
11,402.4
0.0
8,764.6
11,532.8
0.0
9,079.6
11,018.5
0.0
9,127.0
11,251.8
0.0
9,666.2
11,206.7
0.0
10,056.4
12,563.9
0.0
10,100.6
14,027.9
0.0
10,220.9
13,071.3
0.0
10,004.8
13,251.5
0.0
10,116.9
13,268.0
0.0
12,173.2
15,088.8
0.0
11,444.8
15,122.6
221.6
11,317.4
15,082.9
167.3
11,204.7
14,589.4
188.3
10,978.5
14,152.3
233.7
10,935.7
14,514.8
240.3
11,395.5
14,606.8
237.7
11,871.8
15,207.6
231.6
11,344.3
14,985.8
202.9
11,380.7
14,553.6
205.2
11,429.7
14,422.5
204.5
11,274.4
14,323.4
223.0
13,316.6
16,048.6
197.5
11,728.3
13,811.2
2,743.5
11,327.7
13,096.1
3,183.1
10,851.2
10,216.3
2,337.0
11,069.5
11,520.3
3,230.0
10,783.9
10,917.5
2,911.2
11,186.9
12,622.0
2,453.4
11,876.5
12,821.5
3,068.0
11,371.3
11,286.0
2,291.9
11,113.5
12,853.4
1,856.5
11,102.2
12,215.7
1,590.8
11,056.1
12,292.5
684.5
13,050.0
15,980.3
718.6
12,208.7
14,595.4
663.2
12,093.6
15,548.9
646.1
11,959.6
15,466.1
643.7
12,043.0
14,622.7
644.9
12,184.5
14,257.5
643.6
12,804.1
15,957.3
637.0
13,220.1
14,631.6
5.7
12,379.1
14,192.3
3.8
12,221.7
14,371.4
1.4
11,881.1
13,516.7
1.3
12,061.5
13,933.9
1.6
14,030.4
17,650.7
29.2
13,194.5
16,149.1
2.1
13,144.1
16,847.4
1.6
13,370.8
15,201.5
3.2
13,221.6
14,255.3
3.1
13,440.4
15,533.8
7.4
14,041.2
16,902.1
2.5
14,525.9
16,743.2
2.8
14,295.0
15,831.2
14.6
14,192.2
15,709.8
11.0
14,216.3
16,253.0
16.8
14,185.6
16,145.0
27.8
15,965.7
17,938.0
9.0
14,714.7
15,888.6
10.8
14,574.8
17,039.9
30.9
14,484.6
16,819.5
36.3
14,697.6
16,394.5
25.8
14,721.5
16,850.9
6.9
15,013.2
17,219.8
25.0
15,618.5
19,655.1
6.6
15,184.0
17,358.2
18.8
14,373.8
16,135.2
6.8
14,320.2
16,443.7
6.4
14,493.4
16,740.4
8.0
16,370.2
19,404.4
22.0
14,966.8
16,891.9
8.4
14,600.1
18,779.2
11.6
14,542.3
17,382.0
8.9
14,271.3
16,451.3
68.5
14,157.5
16,585.6
65.0
14,084.5
17,429.5
32.5
14,731.1
16,507.4
59.1
14,304.6
15,867.0
47.7
13,938.6
15,588.7
48.1
13,921.2
16,957.1
50.8
13,869.9
17,601.9
51.0
16,492.8
19,014.6
31.5
14,588.6
17,318.6
48.4
13,988.9
17,065.0
48.8
13,641.9
17,427.8
44.3
13,904.6
15,192.8
45.4
13,529.9
15,467.3
45.1
13,748.8
17,391.1
61.3
14,292.4
16,802.4
55.7
13,637.0
15,357.2
42.7
13,567.8
15,936.3
45.9
13,355.1
15,784.1
46.6
13,330.0
15,678.8
47.1
15,054.2
18,346.7
22.8
13,845.6
19,092.5
51.2
13,690.0
16,338.8
57.7
13,554.0
16,554.6
125.9
13,283.9
15,604.5
54.7
12,978.5
14,164.7
50.8
13,066.6
21,557.3
6,619.9
13,038.2
16,783.7
4,231.1
11,471.5
14,445.0
4,376.4
10,942.9
21,468.5
5,856.1
10,427.1
18,304.7
4,550.3
10,150.7
14,801.9
4,182.0
10,959.8
14,912.8
5,787.2
10,960.5
19,505.0
4,958.6
12,934.6
29,822.3
1,375.6
14,032.6
37,061.2
44.1
14,809.9
35,903.9
46.7
15,030.3
36,667.5
70.0
14,747.9
36,591.4
77.4
15,058.6
33,069.7
141.2
14,915.6
32,949.5
188.8
14,856.8
35,266.1
295.7
15,187.7
35,083.3
449.2
16,074.3
35,778.9
1,076.5
18,801.7
35,230.7
1,014.1
18,583.7
30,214.9
978.4
18,886.9
32,734.6
1,300.7
19,416.7
30,193.1
1,560.5
19,844.4
31,319.9
1,481.6
20,726.7
32,784.9
2,176.6
22,246.1
34,040.3
2,282.7
24,012.5
38,831.6
2,448.1
24,872.7
40,371.7
2,748.8
25,320.2
38,949.8
3,158.7
25,682.2
36,940.0
3,114.7
26,690.8
40,138.1
3,622.4
30,315.8
41,432.7
3,766.6
28,546.0
43,908.8
3,909.1
28,835.4
43,874.3
4,316.7
29,282.0
42,840.8
4,383.2
29,295.6
44,854.8
5,107.4
30,228.6
49,526.7
6,918.9
31,606.3
51,653.7
7,847.5
32,032.1
53,783.2
8,433.3
31,839.3
54,254.8
8,627.5
31,855.1
54,374.2
8,990.9
31,946.0
55,377.5
9,067.3
32,746.5
55,926.5
8,386.9
37,624.2
58,445.4
8,047.8
35,677.6
58,929.6
7,918.6
35,737.1
60,982.4
9,019.1
36,183.8
59,460.1
5,535.5
36,667.6
60,905.4
7,007.4
37,793.4
63,832.0
6,267.5
39,636.0
66,643.7
5,447.0
40,807.7
71,876.6
5,331.7
41,128.7
73,531.0
5,433.7
41,731.9
74,605.7
5,731.9
42,872.7
79,906.5
5,607.4
43,336.1
78,876.5
5,895.5
48,337.3
85,120.7
6,545.6
46,526.5
60,327.1
6,555.6
46,558.3
63,094.9
6,915.2
46,607.6
66,393.7
7,168.0
47,201.0
68,186.3
7,060.1
47,681.8
74,587.4
7,448.1
49,837.1
78,637.1
7,006.6
51,004.8
80,637.2
7,251.6
50,579.9
84,858.7
7,194.6
51,052.6
87,074.9
7,303.2
51,638.8
89,963.6
9,082.9
52,777.7
93,092.6
7,557.3
59,222.4
98,342.4
7,378.4
56,818.2 104,809.6
7,307.6
57,191.9 108,340.7
6,836.7
59,340.5 114,264.7
6,675.0
59,069.6 119,291.0
7,360.7
59,893.8 124,933.7
7,054.7
62,997.3 133,395.5
6,371.9
65,150.9 137,894.2
6,716.9
64,864.5 136,208.3
7,994.8
64,755.2 135,092.0
7,965.6
64,985.7 135,357.8
8,305.6
66,147.4 141,053.6
8,592.2
74,803.7 145,479.4
8,376.6
70,804.0 150,406.2
8,431.7
71,170.4 155,607.1
9,255.8
71,989.8 159,738.4
10,318.7
72,373.3 158,962.2
10,991.8
72,712.6 150,520.1
9,996.7
74,329.1 143,702.6
10,520.3
74,526.9 144,089.5
9,790.8
73,895.2 142,630.4
11,546.3
73,384.9 147,504.8
12,018.0
73,714.5 151,863.0
13,832.3
74,681.7 155,221.5
16,737.9
84,086.3 160,209.1
17,195.6
79,004.8 163,951.2
19,237.3
78,266.8 167,391.7
19,092.3
75,964.7 172,717.8
22,014.5
76,371.4 172,485.9
25,439.7
77,258.9 174,389.2
24,513.9
80,782.1 174,685.7
25,324.6
82,183.9 176,300.2
26,424.2
81,354.6 182,819.1
29,511.6
81,310.0 184,617.5
29,495.1
82,563.1 186,768.1
27,224.8
84,957.5 188,939.8
26,314.0
98,065.3 182,111.0
27,835.6
94,051.8 183,985.2
28,572.7
92,720.6 184,341.5
26,492.5
93,945.0 183,970.4
38,284.0
92,559.6 186,789.9
42,760.3
95,520.3 192,026.4
43,542.0
99,751.6 193,603.4
41,722.4
103,737.5 201,178.0
32,886.3
103,925.1 198,850.9
37,283.9
106,982.8 202,490.2
38,085.6
111,627.1 205,445.5
42,745.4
114,167.5 206,757.7
41,329.4
124,534.6 207,497.2
39,158.7
127,152.1 210,513.6
41,209.8
128,079.4 210,867.9
37,294.2
127,882.8 207,861.7
35,260.4
129,904.6 212,229.6
35,758.3
132,482.0 212,861.5
35,061.0
141,826.3 212,504.1
33,637.4
145,880.5 215,112.7
32,182.6
146,904.8 209,935.9
32,726.2
148,277.6 204,244.9
30,570.2
148,746.7 201,257.4
32,187.4
154,872.4 196,721.3
23,446.6
173,056.4 199,025.8
24,636.3
167,387.7 202,027.5
29,098.3
167,611.6 203,212.4
28,980.4
170,426.5 206,814.4
30,681.7
170,966.7 210,895.9
30,606.8
175,148.2 209,583.6
27,238.3
188,366.6 209,188.8
23,688.9
196,405.5 213,991.7
26,635.6
198,752.5 208,620.3
29,356.3
201,206.8 211,159.6
31,236.0
203,264.6 215,320.8
36,770.1
208,726.0 217,849.3
39,035.8
237,009.6 211,971.7
41,632.5
226,764.4 211,659.6
40,227.2
225,059.3 209,843.9
38,700.4
233,013.0 206,947.2
38,771.3
227,290.9 204,334.8
41,334.5
230,232.7 203,284.4
41,993.2
242,624.5 198,793.5
42,798.6
250,075.2 203,497.9
45,697.9
251,758.8 207,415.4
47,507.8
255,428.5 200,919.6
51,869.0
256,960.6 195,515.3
54,783.7
259,977.6 187,894.0
57,623.9
289,208.3 198,205.1
71,333.6
274,206.1 222,489.0
88,779.0
270,173.7 217,012.9
70,159.0
266,195.0 216,320.7
66,380.0
267,782.0 225,802.3
58,215.0
266,719.0 230,553.7
59,435.0
278,565.7 237,127.7
61,275.6
281,542.5 246,006.4
63,915.5
282,903.3 253,233.3
66,226.8
283,495.1 260,184.4
68,631.8
283,658.6 265,973.1
70,642.1
283,587.5 272,268.1
72,696.3
283,588.9 278,339.7
74,630.7

Balance
11,288.4
11,402.4
11,532.8
11,018.5
11,251.8
11,206.7
12,563.9
14,027.9
13,071.3
13,251.5
13,268.0
15,088.8
14,901.0
14,915.6
14,401.1
13,918.6
14,274.4
14,369.1
14,976.0
14,782.9
14,348.4
14,217.9
14,100.4
15,851.1
11,067.7
9,912.9
7,879.3
8,290.3
8,006.3
10,168.6
9,753.5
8,994.1
10,996.9
10,624.9
11,608.0
15,261.7
13,932.3
14,902.7
14,822.4
13,977.8
13,613.9
15,320.3
14,625.8
14,188.5
14,370.0
13,515.4
13,932.3
17,621.6
16,147.0
16,845.8
15,198.3
14,252.2
15,526.4
16,899.6
16,740.5
15,816.6
15,698.8
16,236.2
16,117.2
17,929.0
15,877.8
17,009.0
16,783.1
16,368.8
16,844.0
17,194.8
19,648.5
17,339.4
16,128.4
16,437.3
16,732.5
19,382.4
16,883.6
18,767.6
17,373.1
16,382.9
16,520.6
17,396.9
16,448.3
15,819.3
15,540.6
16,906.4
17,550.9
18,983.1
17,270.2
17,016.3
17,383.5
15,147.4
15,422.1
17,329.8
16,746.7
15,314.5
15,890.4
15,737.5
15,631.6
18,323.8
19,041.3
16,281.1
16,428.7
15,549.9
14,114.0
14,937.4
12,552.6
10,068.7
15,612.4
13,754.4
10,619.9
9,125.6
14,546.3
28,446.7
37,017.1
35,857.3
36,597.5
36,514.0
32,928.6
32,760.7
34,970.3
34,634.1
34,702.3
34,216.6
29,236.5
31,433.9
28,632.6
29,838.3
30,608.3
31,757.6
36,383.5
37,622.9
35,791.1
33,825.2
36,515.6
37,666.1
39,999.7
39,557.6
38,457.7
39,747.4
42,607.8
43,806.2
45,349.8
45,627.3
45,383.3
46,310.2
47,539.7
50,397.6
51,011.0
51,963.3
53,924.7
53,898.0
57,564.5
61,196.7
66,544.8
68,097.3
68,873.8
74,299.1
72,981.0
78,575.1
53,771.5
56,179.8
59,225.7
61,126.2
67,139.3
71,630.5
73,385.6
77,664.1
79,771.7
80,880.7
85,535.3
90,964.0
97,502.0
101,504.0
107,589.7
111,930.3
117,878.9
127,023.6
131,177.3
128,213.6
127,126.4
127,052.3
132,461.5
137,102.9
141,974.5
146,351.3
149,419.7
147,970.4
140,523.4
133,182.3
134,298.7
131,084.1
135,486.8
138,030.8
138,483.7
143,013.5
144,713.9
148,299.4
150,703.4
147,046.2
149,875.3
149,361.2
149,876.0
153,307.5
155,122.4
159,543.3
162,625.8
154,275.5
155,412.5
157,849.0
145,686.4
144,029.6
148,484.4
151,881.0
168,291.7
161,567.0
164,404.5
162,700.1
165,428.3
168,338.4
169,303.8
173,573.7
172,601.3
176,471.3
177,800.5
178,866.7
182,930.1
177,209.7
173,674.7
169,070.0
173,274.7
174,389.4
172,929.2
174,232.0
176,132.7
180,289.2
182,345.4
185,499.9
187,356.1
179,264.1
179,923.6
178,550.6
178,813.5
170,339.2
171,432.4
171,143.6
168,175.9
163,000.3
161,291.2
155,994.9
157,800.0
159,907.6
149,050.6
140,731.6
130,270.1
126,871.5
133,710.0
146,853.9
149,940.7
167,587.3
171,118.7
175,852.1
182,090.8
187,006.5
191,552.5
195,331.1
199,571.8
203,709.0

Summary
Long-term average
Memo: Standard deviation
January 1993
June 2001
July 2001
June 2003
July 2003
December 2011
January 2012
December 2013
January 2014
December 2014
Colors for monitoring signals:
frozen
cooled
normal
Last data
Own provisional estimate
Own estimate based on official data
Own estimate USD:$Arg projected as is future financial market (Rofex)

Central bank parameters

Mo/Domestic Demand
Mo / FX Reserves
days
Standard
times
Standard
14.7
-1.36
81.0%
-0.10
14.2
-1.48
79.0%
-0.16
13.6
-1.64
76.0%
-0.26
15.4
-1.19
82.4%
-0.05
15.2
-1.24
81.1%
-0.09
15.9
-1.07
86.3%
0.07
15.4
-1.19
80.0%
-0.13
15.3
-1.23
72.0%
-0.39
15.4
-1.19
78.2%
-0.19
15.5
-1.18
75.5%
-0.27
15.6
-1.14
76.3%
-0.25
18.5
-0.42
80.7%
-0.11
15.8
-1.09
76.8%
-0.23
15.4
-1.19
75.9%
-0.26
15.1
-1.28
77.8%
-0.20
16.3
-0.97
78.9%
-0.16
16.0
-1.05
76.6%
-0.24
16.6
-0.91
79.3%
-0.15
16.3
-0.97
79.3%
-0.15
15.5
-1.17
76.7%
-0.23
15.5
-1.17
79.3%
-0.15
15.9
-1.08
80.4%
-0.12
15.6
-1.14
80.0%
-0.13
18.5
-0.43
84.0%
0.00
15.0
-1.28
106.0%
0.71
14.6
-1.40
114.3%
0.98
14.1
-1.51
137.7%
1.73
16.5
-0.92
133.5%
1.60
16.3
-0.98
134.7%
1.64
16.9
-0.83
110.0%
0.84
16.9
-0.83
121.8%
1.22
16.2
-1.01
126.4%
1.37
15.7
-1.11
101.1%
0.55
15.9
-1.08
104.5%
0.66
15.7
-1.11
95.2%
0.36
18.5
-0.44
85.5%
0.05
16.1
-1.03
87.6%
0.12
15.8
-1.10
81.2%
-0.09
15.5
-1.18
80.7%
-0.11
17.1
-0.79
86.2%
0.07
17.1
-0.78
89.5%
0.18
17.8
-0.60
83.6%
-0.01
17.3
-0.74
90.4%
0.21
16.0
-1.04
87.2%
0.11
15.7
-1.12
85.1%
0.03
15.4
-1.19
87.9%
0.13
15.5
-1.16
86.6%
0.08
17.9
-0.59
79.6%
-0.14
15.6
-1.15
81.7%
-0.07
15.3
-1.22
78.0%
-0.19
15.5
-1.18
88.0%
0.13
16.7
-0.89
92.8%
0.28
16.8
-0.85
86.6%
0.08
17.4
-0.70
83.1%
-0.03
16.8
-0.85
86.8%
0.09
16.4
-0.95
90.4%
0.21
16.1
-1.01
90.4%
0.21
16.5
-0.93
87.6%
0.12
16.3
-0.97
88.0%
0.13
18.3
-0.48
89.0%
0.16
16.0
-1.04
92.7%
0.28
15.9
-1.09
85.7%
0.06
15.7
-1.13
86.3%
0.08
17.2
-0.77
89.8%
0.19
17.1
-0.78
87.4%
0.11
17.5
-0.69
87.3%
0.11
17.0
-0.80
79.5%
-0.14
16.6
-0.91
87.6%
0.12
15.8
-1.09
89.1%
0.17
16.4
-0.96
87.1%
0.10
16.7
-0.88
86.6%
0.09
18.9
-0.33
84.5%
0.02
16.6
-0.89
88.6%
0.15
16.3
-0.98
77.8%
-0.20
16.3
-0.99
83.7%
-0.01
17.4
-0.69
87.1%
0.10
17.4
-0.72
85.7%
0.06
17.3
-0.74
81.0%
-0.10
16.8
-0.84
89.6%
0.18
16.4
-0.96
90.4%
0.21
15.9
-1.08
89.7%
0.18
16.0
-1.05
82.3%
-0.05
15.9
-1.08
79.0%
-0.16
19.0
-0.31
86.9%
0.09
16.3
-0.97
84.5%
0.02
15.7
-1.11
82.2%
-0.06
15.4
-1.20
78.5%
-0.18
17.1
-0.79
91.8%
0.25
16.7
-0.89
87.7%
0.12
16.8
-0.85
79.3%
-0.15
16.4
-0.95
85.3%
0.04
15.6
-1.16
89.0%
0.16
15.4
-1.19
85.4%
0.05
15.6
-1.15
84.9%
0.03
15.5
-1.17
85.3%
0.04
17.6
-0.67
82.2%
-0.06
15.5
-1.16
72.7%
-0.36
15.4
-1.19
84.1%
0.00
15.5
-1.16
82.5%
-0.05
16.2
-1.01
85.4%
0.05
16.1
-1.03
92.0%
0.26
16.4
-0.96
87.5%
0.11
15.8
-1.10
103.9%
0.64
14.0
-1.53
113.9%
0.97
13.6
-1.64
70.1%
-0.45
13.7
-1.61
75.8%
-0.26
13.6
-1.65
95.6%
0.37
14.7
-1.36
120.1%
1.16
14.7
-1.38
75.3%
-0.28
17.4
-0.70
45.5%
-1.24
18.2
-0.50
37.9%
-1.49
18.3
-0.48
41.3%
-1.38
18.0
-0.57
41.1%
-1.38
17.3
-0.74
40.4%
-1.41
17.1
-0.79
45.7%
-1.23
16.6
-0.91
45.5%
-1.24
16.2
-1.01
42.5%
-1.34
16.9
-0.84
43.9%
-1.29
17.5
-0.68
46.3%
-1.21
20.0
-0.06
54.9%
-0.94
19.2
-0.26
63.6%
-0.66
19.1
-0.29
60.1%
-0.77
19.3
-0.23
67.8%
-0.52
19.0
-0.30
66.5%
-0.56
19.6
-0.16
67.7%
-0.52
20.7
0.11
70.0%
-0.45
21.9
0.41
66.0%
-0.58
22.4
0.52
66.1%
-0.58
22.2
0.47
70.7%
-0.43
22.2
0.48
75.9%
-0.26
22.5
0.55
73.1%
-0.35
25.0
1.16
80.5%
-0.11
23.0
0.68
71.4%
-0.41
22.7
0.61
72.9%
-0.36
22.8
0.62
76.1%
-0.25
22.3
0.50
73.7%
-0.33
22.7
0.60
70.9%
-0.42
23.4
0.76
72.2%
-0.38
23.4
0.77
70.6%
-0.43
22.8
0.64
69.8%
-0.46
22.6
0.57
70.2%
-0.44
22.6
0.58
69.0%
-0.48
22.9
0.65
68.9%
-0.49
25.9
1.39
74.7%
-0.30
23.9
0.89
69.9%
-0.45
23.5
0.81
68.8%
-0.49
23.3
0.75
67.1%
-0.54
23.0
0.67
68.0%
-0.51
23.2
0.72
65.7%
-0.59
23.8
0.88
64.8%
-0.62
24.3
0.99
61.3%
-0.73
24.0
0.92
60.4%
-0.76
23.7
0.86
60.6%
-0.75
24.2
0.98
57.7%
-0.85
23.9
0.89
59.4%
-0.79
26.2
1.46
61.5%
-0.72
24.5
1.04
86.5%
0.08
24.1
0.94
82.9%
-0.04
23.7
0.85
78.7%
-0.17
23.4
0.78
77.2%
-0.22
23.3
0.74
71.0%
-0.42
23.9
0.90
69.6%
-0.46
23.9
0.91
69.5%
-0.47
23.4
0.77
65.1%
-0.61
23.3
0.76
64.0%
-0.64
23.9
0.89
63.8%
-0.65
24.1
0.95
61.7%
-0.72
26.4
1.51
65.1%
-0.61
24.4
1.03
58.3%
-0.83
23.9
0.91
56.3%
-0.89
24.4
1.03
55.2%
-0.93
23.7
0.84
52.8%
-1.01
23.6
0.83
50.8%
-1.07
24.2
0.97
49.6%
-1.11
24.2
0.98
49.7%
-1.11
23.5
0.80
50.6%
-1.08
22.8
0.63
50.9%
-1.06
22.7
0.61
51.1%
-1.06
22.5
0.55
49.9%
-1.10
25.0
1.17
54.6%
-0.95
23.6
0.83
49.9%
-1.10
23.3
0.76
48.6%
-1.14
23.1
0.69
48.2%
-1.15
21.9
0.40
48.9%
-1.13
21.5
0.30
51.7%
-1.04
21.7
0.36
55.8%
-0.91
21.5
0.32
55.5%
-0.92
21.1
0.22
56.4%
-0.89
20.9
0.16
54.2%
-0.96
21.2
0.24
53.4%
-0.99
21.4
0.28
53.9%
-0.97
24.0
0.92
58.8%
-0.81
22.6
0.58
54.6%
-0.95
22.3
0.51
52.8%
-1.01
21.5
0.30
50.4%
-1.08
20.9
0.17
51.9%
-1.03
21.0
0.19
51.5%
-1.05
21.7
0.35
54.1%
-0.96
21.8
0.39
54.8%
-0.94
21.3
0.26
53.1%
-1.00
20.8
0.14
52.4%
-1.02
21.0
0.20
51.7%
-1.04
21.2
0.22
52.2%
-1.02
23.9
0.90
63.6%
-0.66
22.4
0.53
60.5%
-0.76
21.6
0.34
58.7%
-0.81
21.5
0.30
64.5%
-0.63
20.3
0.02
64.3%
-0.64
20.6
0.08
64.3%
-0.63
21.0
0.17
65.7%
-0.59
21.3
0.25
61.6%
-0.72
20.8
0.13
64.3%
-0.63
21.1
0.20
65.1%
-0.61
22.1
0.45
68.6%
-0.50
22.2
0.48
69.0%
-0.48
23.6
0.84
74.0%
-0.32
23.4
0.77
75.1%
-0.29
23.0
0.67
73.8%
-0.33
22.4
0.54
74.1%
-0.32
21.9
0.40
73.6%
-0.33
21.8
0.38
74.5%
-0.30
23.0
0.68
79.3%
-0.15
23.5
0.81
79.7%
-0.14
23.4
0.77
82.9%
-0.03
23.2
0.73
85.4%
0.05
23.2
0.72
88.0%
0.13
23.7
0.86
89.4%
0.17
26.2
1.45
99.2%
0.49
25.1
1.19
96.8%
0.41
24.8
1.11
96.2%
0.39
24.9
1.14
96.8%
0.41
24.1
0.94
94.8%
0.35
24.4
1.01
96.1%
0.39
25.8
1.36
101.5%
0.57
26.7
1.59
104.8%
0.67
26.6
1.55
110.9%
0.87
26.4
1.50
111.8%
0.90
26.3
1.48
113.8%
0.96
26.4
1.53
116.7%
1.06
29.6
2.30
139.1%
1.78
27.6
1.80
132.3%
1.56
26.9
1.64
131.5%
1.53
27.3
1.72
138.6%
1.76
25.9
1.40
139.4%
1.79
25.7
1.34
142.7%
1.89
26.7
1.58
155.5%
2.31
27.3
1.73
158.5%
2.40
27.1
1.68
157.4%
2.37
27.1
1.69
171.4%
2.82
27.2
1.71
182.6%
3.18
27.2
1.70
199.6%
3.73
29.6
2.31
228.0%
4.64
27.0
1.65
205.1%
3.90
26.0
1.43
184.0%
3.22
25.4
1.28
177.5%
3.02
25.5
1.30
159.8%
2.44
25.2
1.22
155.9%
2.32
26.0
1.42
158.4%
2.40
26.2
1.46
154.6%
2.28
26.0
1.42
151.3%
2.17
25.8
1.36
148.0%
2.06
25.8
1.36
145.2%
1.97
25.5
1.28
142.1%
1.87
25.1
1.19
139.2%
1.78
Central bank parameters
Mo/Domestic Demand
Mo / FX Reserves
days
Standard
times
Standard
20.3
-0.00
84.0%
0.00
4.1
1.00
31.0%
1.00
16.2
-0.99
87.4%
0.11
17.1
-0.78
64.0%
-0.64
22.9
0.65
64.5%
-0.63
26.5
1.54
134.0%
1.61
25.8
1.36
160.1%
2.45
heating

overheated

PS:
Long-term average
As long-term average, the equivalent of 20.3 days of total domestic demand, market prices, it is necessary to provide adequate liquidity to
transactions in goods and services.
Average long-term notes and coins held by the public and commercial banks issued by the Central Bank of Argentina, stood at around 83.9% of net
cash reserves in gold and foreign currencies
July-2003 - December-2011
Repealed convertibility of the peso against the dollar between July-2003 and December-2011, the Central Bank maintained a prudent backup, in
liquid reserves to the monetary base. However, possibly to stimulate domestic demand, the money supply rose from 16.2 to about 22.9 days of
domestic demand at market prices. Monetary demand stimulation generally produces an increase in prices and / or quantities, in varying
proportions depending on the actual interest rate and other market confidence factors.
In the Argentine case, excessive monetary expansion, rising inflationary pressures prompted not recognized in official price indices, rather than a
sustained growth of the supply of goods and services.
January 2012- December 2013
Since early 2012 the Central Bank of Argentina implemented a negligent and reckless monetary policy, expanding the supply of money
unnecessarily to facilitate commercial transactions and spuriously issuing unbacked currency in high quality liquid assets.
January 2014 to date
Recent changes in the monetary policy of the central bank seem destined to take control and responsibility in the management of monetary variables
Monetization by the growth of reserves and / or monetization of the government deficit, delay the return of key variables to a normal state.
Also see:
Argentina GDP 1Q2014
Argentina Domestic Demand
Argentina GDP 4Q2013